Deutsche Bank has named a new head of fixed income, promoting credit trading executive Ioannis "John" Pipilis to oversee the business that historically has dominated the lender's giant trading operations, according to a memo sent to employees on Friday.

Pipilis, 41, will replace Ram Nayak, who has overseen the fixed income business since late 2015, according to the memo, signed by investment-banking chief Garth Ritchie. A Deutsche Bank spokesman confirmed the memo's contents.