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Fan (pictured) and Rankin were this week handed key responsibilities in a Deutsche Bank management shakeup by future co-chief executives Anshu Jain and Jürgen Fitschen. Jain's current role as head of the corporate and investment bank is to be shared between Fan, a rising star who will oversee sales and trading, and Rankin, who will manage corporate finance and origination. Fan, as head of global credit and head of emerging markets debt trading, already runs the biggest revenue generator within the corporate and investment bank, bringing in annual revenues of roughly €3.5bn. Australian-born Rankin brings a strong Asian-Pacific dimension to the German bank after working as UBS' joint head of investment banking in Asia in 2003.

Colin Fan was one of the big winners in the Deutsche Bank management shake-up announced this week, Allen Stanford was found guilty of one of the biggest frauds in history and a former Morgan Stanley MD was nominated for a top fiction prize.

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David Thomas

Deutsche Bank

Morgan Stanley

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Trading Places: Barclays hires new M&A boss, Julius Baer restructures again

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Find out who is on the move in the City and beyond this week

HSBC hands Blackburn top risk role as shake-up continues

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The UK lender has given the leading compliance job to a 20-year veteran

Barclays hires Centerview dealmaker Woeber to lead global M&A

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The UK lender has tapped a veteran dealmaker to head up a key area of growth

Once an heir apparent for Larry Fink, Wiedman now tops the list of potential successors to PNC chief Bill Demchak.

PNC Names Former BlackRock Star Mark Wiedman as President

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in AI.

How Is SoftBank Funding Its Mega Investment in OpenAI? A Lot of Debt

The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

Larry Fink Says Regular Americans Need Private Assets Too

The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

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