Best bank - Deutsche Bank
Best debt house - Deutsche Bank
Best equities house - UBS
Best M&A house - JPMorgan
Best at risk management and treasury - UBS
Best at cash management - Deutsche Bank
Best at custody - JPMorgan
Deutsche Bank wins the best bank in western Europe award this year for its commitment to European corporates and institutions and its expertise across the board in investment and commercial banking.
Since Josef Ackermann took the helm last year, the bank has been steadily improving, shrinking costs while still managing to grow the businesses in which it wants to work. Earlier this year, it sold its securities services business, its passive asset management funds and its late-stage private-equity portfolio as part of its decision to refocus. It completed a share buyback programme in early 2003 and, through selling non- core assets, increased its tier 1 capital ratio to 9.6%.
Deutsche has a bond business that is the envy of its rivals and uses its balance sheet judiciously - its decision not to participate in Volkswagen's latest credit facility was greeted with grudging admiration by its rivals.
Deutsche is also making steady progress in both equities and M&A.