Deutsche Bank loses new head of European securities services after just a month in the role

One of Deutsche Bank’s most senior securities services heads, and long-serving team member, resigns after just a month in the role.

By Jon Watkins

Graham Ray has stepped down from his new role as EMEA head of securities services for Deutsche Bank just a month after receiving the promotion, Global Custodian understands.

Ray has worked within securities services at the German bank for over a decade, and was involved in a management shake-up in May when new global head Fiona Gallagher elevated him to the position.

Prior to this appointment he operated as head of securities services product management. Deutsche Bank confirmed Ray will leave the bank, though did not disclose his next role, and said it will confirm a replacement in the near future.

Ray has been a rising star of the industry in recent years earning him a nomination for Global Custodian’s Industry Person of the Year in 2017, and his recent promotion.

Before joining Deutsche Bank he worked at Northern Trust for almost two years as a senior manager responsible for securities and alternative investment settlement operations.

Ray has also held positions at Cantor Fitzgerald and Bank of America.

His departure marks the latest in a string of exits for Deutsche Bank’s senior leadership team which has gone through a transition phase over the past six months.

Its former global head of securities services, Satvinder Singh, departed at the end of 2017, leading to Gallagher’s appointment.

Prior to this, Standard Chartered snapped up one of Deutsche Bank’s leading TARGET2 Securities (T2S) experts, Angus Fletcher, to oversee its global markets and compliance branch.

Elsewhere Stanislaus Beneteau, its former global head of investor services sales, and Mike Hughes, its former global head of fund services and global transaction banking for UK and Ireland left in April 2017 and June 2017, respectively. 

Deutsche Bank’s head of global transaction banking (GTB) for Asia-Pacific, Lisa Robins, also joined regional rival Standard Chartered in January this year.

Gallagher was named as head of securities services in April, while Anand Rengarajan was appointed the new head of securities services in Asia in August 2017.