Carsten Kengeter

Kengeter was born March 31, 1967, in Heilbronn, West Germany, the only child of Christel and Rainer Kengeter. He grew up in Neckarwestheim and completed his primary and secondary education in this region as well as his military service. His father died in the Interflug airplane accident at Leipzig airport in 1975 and his mother still lives near Heilbronn today.

He earned a BA in business administration from the Middlesex University, London, and a Diplom-Betriebswirt

graduate degree in business administration from Reutlingen University. He completed his studies with a MSc in finance and accounting from the London School of Economics in 1992.{{cite news |last=Hickey |first=Shane |date=2016-02-26 |title=Carsten Kengeter: an astute climber of peaks of corporate finance |url=https://www.theguardian.com/business/2016/feb/26/carsten-kengeter-an-astute-climber-of-peaks-of-corporate-finance |newspaper=The Guardian |access-date=2016-10-20}}

Carsten Kengeter is married and has three children.{{cite news |last=Jenkins |first=Patrick |date=2016-02-24 |title=Ex-banker Carsten Kengeter moves fast to reshape Deutsche Börse |url=http://www.ft.com/cms/s/0/9e7c67a4-dafd-11e5-98fd-06d75973fe09.html#axzz4KD6fmQMj |newspaper=Financial Times |issn=0307-1766 |access-date=2016-09-14}} He completed the Patrouille des Glaciers race.{{cite magazine |last=Rothnie |first=David |date=2016-03-29 |title=Deutsche Börse's Carsten Kengeter Takes Center Stage in LSE Tie-Up |url=http://www.institutionalinvestor.com/article/3540611/asset-management-equities/deutsche-brses-carsten-kengeter-takes-center-stage-in-lse-tie-up.html |magazine=Institutional Investor |access-date=2016-09-14}}

Kengeter started his professional career in 1992 in the credit derivatives trading business at Barclays de Zoete Wedd in London. After five years there, he switched to derivatives marketing at Goldman Sachs in Frankfurt, where he soon rose to co-head European Fixed Income, Currencies and Commodities (FICC). He became a partner in 2002, and transferred to Hong Kong as co-head of the company's Asia (excluding Japan) securities division.{{cite news |title=New kid Carsten Kengeter makes waves at UBS |newspaper=EuroWeek |date=2009-07-10 |via=EBSCO's Business Source Complete }} During his four years working in Hong Kong he developed a passion for yoga and the Chinese breathing and meditation discipline neigong, for "inner strength".{{Cite web|last=Clarke|first=Paul|title=Bankers love kung-fu — here's why|url=https://www.businessinsider.com/bankers-love-kung-fu-heres-why-2016-3|access-date=2021-04-09|website=Business Insider}}

He moved to UBS AG in 2008 as co-head of FICC. Credited with restructuring the Swiss bank's subprime mortgage portfolio,{{cite news |last=Schäfer |first=Daniel |date=2013-02-12 |title=Kengeter set to leave UBS in shake-up |url=https://www.ft.com/content/39f639d6-7548-11e2-b8ad-00144feabdc0 |newspaper=The Financial Times |access-date=2016-10-20}} he joined the executive board and added the responsibility of co-chief executive of UBS Investment Bank alongside Alex Wilmot-Sitwell in 2009.{{cite news |last=Hosking |first=Patrick |date=2009-04-28 |title=Business big shot: Alex Wilmot-Sitwell |newspaper=The Times |location=London}} Kengeter became sole chairman and CEO in 2010 after Wilmost-Sitwell moved to Hong Kong to bolster the bank's Asian-Pacific operations.{{cite news |last=Bart |first=Katharina |date=2010-09-29 |title=UBS Names Asia Co-Chief |url=https://www.wsj.com/articles/SB10001424052748703882404575520890034271592 |newspaper=The Wall Street Journal |access-date=2016-10-20}}

During Kengeter's tenure as chairman and CEO, UBS was investigated in connection with the fraudulent manipulation of Libor, a globally-used benchmark interest rate.{{cite news |last=Ewing |first=Jack |date=2011-03-16 |title=UBS Is Being Investigated Over Possible Manipulation of the London Interbank Rate |url=https://dealbook.nytimes.com/2011/03/15/ubs-says-it-is-being-investigated-over-possible-manipulation-of-the-libor/ |newspaper=The New York Times |access-date=2016-10-20}}{{cite news |last=Craig |first=Susanne |date=2013-02-12 |title=A Top UBS Executive Is to Depart |url=https://dealbook.nytimes.com/2013/02/12/a-top-ubs-executive-to-depart/?_r=0 |newspaper=The New York Times |access-date=2016-10-20}} UBS trader Tom Hayes would later testify that Kengeter participated in meetings in Tokyo where plans to manipulated Libor were discussed, but authorities never accused Kengeter of wrongdoing.{{cite news |last1=Enrich |first1=David |last2=Raice |first2=Shayndi |date=2016-03-13 |title=Proposed Exchange Chief Carsten Kengeter Was Viewed as Possible Libor Co-Conspirator |url=https://www.wsj.com/articles/kengeter-was-listed-by-u-k-prosecutors-in-2013-as-possible-rate-rigging-co-conspirator-1457902349 |newspaper=The Wall Street Journal |access-date=2016-10-20}}

Kengeter's reputation was tarnished by the 2011 UBS rogue trader scandal,{{cite book |last1=Burke |first1=Ronald J. |last2=Fox |first2=Suzy |date=2016 |title=Human Frailties: Wrong Choices on the Drive to Success |url=https://books.google.com/books?id=6-4oDAAAQBAJ&pg=PA67 |publisher=Routledge |pages=67– |isbn=978-1-317-12007-0}} which lost the bank $2.3 billion and created pressure for Kengeter to resign.{{cite news |last=Werdigier |first=Julia |date=2011-09-18 |title=UBS Says Trading Losses Were Closer to $2.3 Billion |url=https://www.nytimes.com/2011/09/19/business/global/ubs-says-trading-losses-closer-to-2-3-billion.html |newspaper=The New York Times |access-date=2016-10-20}} He gave up his 2011 bonus,{{cite news |last=Hosking |first=Patrick |date=2012-02-08 |title=Swiss banker shares in pain of rogue trading scandal |url=http://www.thetimes.co.uk/tto/business/industries/banking/article3311901.ece |archive-url=https://web.archive.org/web/20150515175933/http://www.thetimes.co.uk/tto/business/industries/banking/article3311901.ece |url-status=dead |archive-date=May 15, 2015 |newspaper=The Times |location=London |access-date=2016-10-20}} and in November 2012, stepped down from the bank's executive board and was reassigned to oversee the winding down of non-core businesses.{{cite news |last=Scott |first=Mark |date=2012-11-05 |title=UBS Revamps Its Investment Bank |url=https://dealbook.nytimes.com/2012/11/05/ubs-unveils-new-team-in-investment-banking-unit/ |newspaper=The New York Times |access-date=2016-10-20}} He resigned from UBS in February 2013.

He became a visiting professor in the Department of Finance at his alma mater, the London School of Economics.

In October 2017, it was announced Kengeter would be stepping down as CEO of Deutsche Börse. He has been CEO since June 2015 and member of the executive board since April 2015.{{cite web|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=48667687&privcapId=1497295|title=Bloomberg - Carsten Kengeter: Executive Profile & Biography|last=|first=|date=|website=Bloomberg News|publisher=|access-date=}}{{Cite news|url=https://www.reuters.com/article/us-deutsche-boerse-insidertrading/deutsche-boerse-ceo-to-step-down-amid-insider-trading-probe-idUSKBN1CV283|title=Deutsche Boerse CEO to step down amid insider trading probe|work=Reuters|access-date=2018-02-19}}

He is a board member of several international organisations such as the China Europe International Exchange AG and b-to-v Partners AG. Additionally he is chairman of the supervisory board of Circuitous Capital LLP, Director of FNZ Group Ltd. and member of the advisory board of the Financial Markets Group and the Systemic Risk Centre of the London School of Economics and Political Science, as well as a member of the Fixed Income Currencies Commodities Markets Standards Board.

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Category:1967 births

Category:Living people

Category:Alumni of the London School of Economics

Category:Alumni of Middlesex University

Category:German chief executives

Category:Goldman Sachs people