[ T I M E L I N E
|
D E U T S C H E
OCTOBER
2017
Marcelo
Pizzimbono,
Deutsche Bank’s
head of US prime
brokerage, departs
for a senior equity
sales role at
Goldman Sachs.
MAY
2018
Approximately 7,000
equities sales and
trading staff are cut at
Deutsche Bank as part
of plans to reduce the
bank’s leverage exposure
by €100 billion and its
leverage exposure in
prime brokerage by €50
billion. Overall, Deutsche
Bank plans to lose
18,000 jobs and reduce
adjusted costs by €6
billion by 2022.
Deutsche Bank replaces
chief executive, John
Cryan, with private and
commercial banking
head, Christian Sewing.
Shortly after, Deutsche
Bank says it is looking
to make dramatic cuts
to its US prime finance
business as part of a
wider restructure of the
investment banking
division. Plans include
huge cuts to headcount
in the US and Asia, and
a review of the global
equities business to
shrink the platform.
APRIL
2018
50 // TheTrade // Fall 2019
B A N K ]
MARCH
2019
Deutsche Bank
confirms ongoing media
speculation that it has
begun discussions with
Commerzbank over a
possible merger between
the two struggling
institutions. Despite share
prices rising for both banks
on the back of the news,
critics of the deal say it
would only create a larger
problem for the German
financial services industry
to deal with.
Greg Bunn, global co-
head of prime finance
and 20-year Deutsche
Bank veteran, departs.
Matt Bowen and Angus
Yang are appointed
as co-heads of the
business, but Deutsche
Bank spends most of
2018 pitching to its
largest clients in a bid
to become the top
European prime broker,
rather than drumming
up new business.
SEPTEMBER
2018