Fan, who is currently based in London as global head of credit trading and emerging markets, will oversee global sales and trading. Rankin, who is head of Asia, will oversee origination and corporate finance. It is unclear if he will relocate to Frankfurt, London or remain in the region.
The moves are part of a wider reallocation of global roles ahead of Anshu Jain and Juergen Fitschen becoming co-CEOs of the bank in June. Also on the move are Michele Faissola, who switches from running rates and commodities to a new role running asset and wealth management, and Henry Ritchotte, who moves from being COO of the investment bank to COO of the global bank.
It is also being reported that two board members, chief risk officer Hugo Baenziger and chief operating officer Hermann-Josef Lamberti, are leaving the bank. All the moves will be formally agreed at a board meeting set for March 16.
Fan and Rankin’s rise to the top is a huge vindication of their Asian experience. Fan was most recently head of Asian equities before moving to London in 2008 to run credit trading. Rankin joined Deutsche in May 2009 from UBS, where he was the head of investment banking. In his role at Deutsche he already reported to Fitschen and is understood to have a close relationship.
It is unclear at this stage who will replace Rankin as head of Asia.