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31 JULY
2019
MAY
2019
Reuters reports
that Deutsche
Bank’s prime
brokerage unit
was highlighted
as a key focus for
cutbacks, as new
CEO Christian
Sewing warns
shareholders of a
‘transformational
phase’ to its
investment
banking division.
8 JULY
2019
Deutsche Bank
confirms it is in talks
with BNP Paribas
to transition its
largely US-based
prime brokerage and
electronic equities
franchise in the
biggest business
overhaul the bank
has seen in a decade.
Around 900 jobs are
cut in cash equities
at Deutsche Bank as
a result of the plans.
BNP Paribas says
during its second
quarter earnings
call that the
transition will likely
be completed by
summer 2020,
despite Deutsche
Bank’s hopes that it
will be finalised by
the end of 2019.
AUGUST
2019
Barclays chief
executive, Jes Staley,
confirms that
Barclays has gained
roughly €20 billion
in prime brokerage
balances from
Deutsche Bank, as it
looks to expand its
hedge fund services.
Meanwhile, rival
investment banks
continue to poach
staff from Deutsche
Bank’s equities
trading teams and
target the German
bank’s client base.
SEPTEMBER
2019
Deutsche Bank
officially begins the
migration process
of clients from its
prime brokerage and
electronic equities
business to BNP
Paribas. The two
banks sign a master
transaction agreement
to provide continuity
of service on Deutsche
Bank’s current platform
until all clients, staff
and technology can be
migrated.
Garth Ritchie, president
of corporate and
investment banking,
and former equities
head at Deutsche Bank,
leaves the institution
after 23 years.
5 JULY
2019
Issue 61 // TheTradeNews.com // 51