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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Deutsche Bank Cuts Ties With 3,400 Clients in Trading Business
[Photo: Frankfurt Skyline; by Christian Wolf / Wikimedia Commons]
Deutsche Bank's Global Markets division will immediately cut ties with about 3,400 clients in its debt and equities sales activities – meaning it will cease debt sales services to some financial institutions and hedge funds as well as equity sales activities, the execution of equities trading orders and equity structuring activities for some clients.
While DB finalizes talks with U.S. justice authorities over a multi-billion dollar fine related to U.S. mortgages, CEO John Cryan has stepped up the bank’s restructuring process – which includes shedding clients that cost more to service than they bring in returns. In October 2015, Cryan had said at a strategy presentation that Deutsche Bank would reduce the number of clients in its Global Markets and Corporate & Investment Banking divisions by about 50%.
Deutsche Bank is still among the top 5 trading houses in debt and top 10 in equities globally. But the bank has lost market share as it retreats from a period of expansion, in which it had focused mainly on revenue growth and less on profitability.