The TRADE 61 - Q3 2019 | Page 51

[ T I M E L I N E | D E U T S C H E B A N K ] 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