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Banks welcome UK’s relaxed prospectus rules as IPO pipeline swells
Originator hired to go after bank bond issues in euros and dollars
With Sergio Ermotti set to step down as group CEO, chairman Colm Kelleher favours an orderly, internal succession. But in a critical year for the bank, there could be turbulence ahead
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Prices on Deutsche Bank’s additional tier ones (AT1s) plummeted after the German lender announced a radical overhaul of its investment banking business this week, with bank capital investors still doubting the issuer’s ability to pay coupons on the instruments in the longer term. -
UniCredit has sold the last of its stake in FinecoBank, its online brokerage business, for €1.1bn. This paves the way for chief executive Jean Pierre Mustier to present a new three year business plan to the markets in December.
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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.
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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.
