Kevin Rodgers, global head of currencies at Deutsche Bank is retiring, according to the WSJ. DB trades the largest volume of FX of any bank.

The WSJ says his departure isn’t related to currency trading probes but increased scrutiny in FX is one of the factors that has changed the game and the industry is struggling to adapt.

Despite huge FX trading volumes in 2013 the industry has grown extremely competitive and margins (basically bid-ask spreads for corporate clients) have evaporated. Regulatory scrutiny has also led banks to severely curb prop trading.