...and stuff me again. I hear from one of Deutsche’s clients that the bank has been quoting some rather odd prices to roll his open positions. When the client queried this, the prices were miraculously tightened. The client remains unimpressed and says as a result he has transferred what business he was doing with Deutsche to a couple of its major rivals, who are both in the Euromoney top five.
Of course, Deutsche may well have its reasons and it could be a not entirely subtle way of telling the client that it no longer wants to see his flow, which is quite substantial. But I do wonder if this is a very cack-handed attempt by the bank to reprice its credit and liquidity? Obviously I’d like to hear if other buy siders have received similar treatment from their banks.