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Deutsche Bank's FX business quietly shed the Citi MD who was "thrilled" to join last year

When Citi managing director Caryn Freiberger joined Deutsche Bank as head of North American FX institutional sales in January last year, she seemed quite excited about it. "I am blown away by the strength of the businesses and the caliber of my new teammates," Freiberger wrote on social media, also declaring herself "thrilled to arrive." 

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Eighteen months later, however, Freiberger has disappeared from her role at DB. It's not clear why. Deutsche Bank isn't commenting. Freiberger didn't respond to a request to comment.

Freiberger may have left of her own volition. However, coming and going doesn't seem to be her style: she was 13 years at Citi, where she worked since graduation. 

It's possible that Freiberger was the latest person to succumb to Deutsche Bank's FX shakeup under Sameen Farooqui and Chris Leonard, the German bank's new FX heads who took over when Russell LaScala, the bank's global head of FX from 2018, retired in 2023. Farooqui and Leonard's reign has coincided with the departure of various Deutsche Bank FX staff, including Hans Ephraimson, the global head of FX sales to whom Freiberger initially reported, and David Leigh, who was head of European FX for a year before ceding to Oliver Jerome in April. Jerome's sudden arrival from fintech firm BestX seems to have been a surprise to some colleagues.

Deutsche Bank's FX trading business experienced a revival in 2022 when it reappeared at the top of the Euromoney FX survey for the first time in 10 years. Last year, the bank won a whole array of Euromoney accolades, including 'best global FX provider,' best FX bank in Europe, best bank for FX trading and best FX bank in APAC.

There is, however, some skepticism whether Euromoney's rankings reflect the true health of a business. Nonetheless, Deutsche Bank declared that its FX revenues were "significantly higher" in the first quarter of 2024 than a year earlier, although CFO James Von Moltke recently said its broader fixed income revenues were lower in the second quarter. 

Sources say Freiberger's exit from Deutsche Bank is a shame: she was a high profile female saleswoman at the German bank. Deutsche does, however, still employ Verena Krause, another senior FX saleswoman, based in Frankfurt. 

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AUTHORSarah Butcher Global Editor

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