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Layoffs began at Deutsche Bank in New York on Monday morning, following the German bank's announcement that it will exit the equities business and rejig fixed income operations globally, including in securitization. -
Deutsche Bank has made deep cuts to its equity sales and trading business, as part of an aggressive restructuring plan. The bank has said it intends to retain a “focused equity capital markets business”, but in practice this means a significant retrenchment, with a strict focus on supporting Deutsche’s core clients in Europe and the US.
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Deutsche Bank's far-reaching restructuring plan to pull out of equity sales and trading and streamline the investment bank elsewhere involves a tie-up with BNP Paribas for parts of its business. The troubled German lender also signalled the advantage of a recent rule change to additional tier one coupon payments in allowing it to proceed with the changes.
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Deutsche Bank’s plan to exit its equities sales and trading businesses globally as part of a far-reaching overhaul of its operations has led to many departures in Asia.
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Deutsche Bank’s CIB boss and president Garth Ritchie is leaving the bank by mutual agreement, passing responsibility for the investment bank to overall group chief Christian Sewing. The confirmation ends weeks of speculation about Ritchie’s exit, as the German bank mulls increasingly aggressive cuts to the CIB unit he ran.
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Société Générale’s revamp of its investment bank, first announced in April, will refocus the bank’s financing efforts around sponsor-driven business, as corporate clients are not steering enough fees towards the bank to pay for its balance sheet commitments.
