Ashok Aram, Deutsche Bank AG’s chief executive officer in the Middle East and Africa, will now take charge of Europe, according to Bloomberg Business. The announcement comes on the back of news that the Frankfurt-based bank is contracting its global business from seven regions to five, while simultaneously tapering its workforce by about 26,000 people by 2018. The downsizing operation will mean the closure of operations in ten countries including Mexico, Norway and New Zealand, while according to Reuters, its Brazilian stock and bond trading business is set to move from Sao Paulo to New York.
Aram was appointed as chief executive officer for the Middle East in 2010, having added Africa earlier this year to his regions of responsibility. Further to a comment made by co-CEO Juergen Fitschen on 29th October, Aram will managing the EMEA region from Europe.
Deutsche Bank recently signed a Memorandum of Understanding with Ecobank Nigeria to expand their trade finance relationship, according to Market Watch whereby Deutsche would provide export credit guarantee program GSM-102 to the pan-African bank. The agreement is designed to encourage the financing of commercial exports of U.S Agricultural products while offering competitive credit terms to buyers. Ecobank Nigeria will use irrevocable U.S dollar denominated letters of credit for the import of certain agricultural products from the United States.