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LATEST ARTICLES
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After years of retrenchment, Commerzbank’s head of corporate clients Michael Kotzbauer tells Euromoney of a tentative return to growth. The bank has dodged Germany’s commercial real estate slump but is having to adapt to a worsening geopolitical backdrop. Capital and cost efficiency remain big priorities.
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The two European banks are both trying to de-emphasise their investment banks and want to build up areas where they see weakness. Barclays is later to this party than Deutsche, but both will have found encouragement in the first three months of 2024.
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In its home market, Deutsche Bank has expanded its leadership with high net-worth (HNW) customers, as well as with the ultra-high net-worth (UHNW) clients that are becoming a core focus in Germany, Europe and cross the globe.
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Deutsche Bank Private Bank is building a focus on the most challenging customer segment of all: ultra-high net-worth individuals and family offices.
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Deutsche Bank Private Bank takes this award for the second year in a row. The German lender was founded more than 150 years ago with the express aim of supporting entrepreneurs in its home market and, later, beyond.
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“We take pride in being a trusted partner, not only in exclusive investment and financing solutions, but also in environmental, social and governance opportunities, legacy and estate planning, wealth planning, and philanthropy,” Deutsche Bank Private Bank declared in its pitch document for this award.
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Deutsche Bank Private Bank is far from the only global wealth manager to have transformed its business model and its fortunes in recent years.
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The German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
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Leading commercial banks are focusing on their approach to relationship management to reassure corporate customers that they are being listened to.
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In 2020, Deutsche Bank’s Asia chief, Alexander von zur Mühlen, placed more of his chips on fast-growing southeast Asia. As global firms diversify out of China, his prescience and willingness to deliver on his convictions is starting to pay off.
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Deutsche Bank’s Mexico team says the country is vital for Latin American credibility and that nearshoring will drive FDI in the coming decade.
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Deutsche Bank’s FX business continues to grow.
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Deutsche Bank’s investment in principal resting order (PRO) technology for spot FX trades has enabled clients to earn spread while trading with the bank. PRO also enables the bank to further increase its internalization rate and hence reduce market impact for the entire client franchise.
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Deutsche Bank’s spot market share has increased by 13% over the review period, driven by innovations in electronic pricing solutions, thought leadership and a dedicated global voice-trading team that is able to keep the liquidity tap running for clients in the face of macroeconomic challenges.
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Deutsche Bank has maintained good market share across both forwards and swaps during a period of underlying currency volatility and short-term interest rate volatility.
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The German lender has named Claudio de Sanctis as its new head of private bank and created a single, unified division – part of longstanding plans to generate more income from the business by rooting out inefficiencies and tapping into new global income streams.
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Big banks capable of competing with US players are part of Europe’s geostrategic interests, Deutsche Bank CEO tells audience at Euromoney dinner.
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Christian Sewing has turned Deutsche Bank around. The firm has a resilience now that would have seemed unlikely when he was appointed chief executive five years ago. By his own admission, some of the toughest work is still to be done. But the past year and the most recent banking crisis have provided a striking validation of the strategy he set in place.
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When Credit Suisse is taken over by UBS, it’s likely that the new parent’s appetite for structured private credit will be significantly different to that of the institution it is absorbing. Two banks in particular are waiting for the opportunity that follows.
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The big transaction banks are becoming increasingly active in the B2B marketplace as they seek to cash in on corporate digital transformation.
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Pouncing on a firm with lots of corporate broking relationships at the low point for IPOs is a smart trade.
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Lots of big lenders claim to be great at serving entrepreneurs. In reality, however, most are not as good at doing this as they would have you believe. Meeting the needs of owners of thriving businesses can be complex, tricky and costly. It requires patience and a well-considered strategy, and a good many banks have neither.
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The COO of Deutsche Bank’s International Private Bank, Sandra Wirfs, tells Euromoney how it has been able not just to slash costs but also to make its wealth management business more cost-efficient than the core bank.
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The German bank’s strong third-quarter earnings are a partial result of forming a new international private bank division two years ago, honing it and continuing to invest in the strategy.
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.
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One of the architects of Deutsche Bank’s corporate and investment bank leaves a complex legacy.
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If Russia stops the gas this winter, the damage to European banks will be worse than Covid, and Germany will be at the centre of the storm.
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The results of this year’s Euromoney FX survey highlight the value of long-term strategic investment in forex.
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The first three months of the year have been tough for many investment banking business lines, but Europe’s banks are putting up a good fight against the might of the US firms.
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The European Central Bank has radical suggestions for ending AT1 conversion triggers and allowing only profitable banks to pay coupons. This could make these instruments riskier than equity.
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The ‘Subject matter expert for fine art lending’ has the kind of job everyone wants: appraising art and helping the wealthy borrow against a private collection. But he tells Euromoney that it involves a great deal of time observing, listening and figuring out what the client wants.
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Now back at single-A with both leading rating agencies, Deutsche hopes to win more business and improve margins as investors await their share of the returns.
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A second large AT1 deal this year shows increased investor confidence around the bank’s transformation, but timing the deal was tricky.
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Societe Generale’s decision to launch a joint treasury management solution with Kyriba is just the latest example of banks and technology vendors collaborating to offer more sophisticated treasury functionality.
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Deutsche Bank’s restructuring has not been thrown off course by the pandemic, but upside surprises can hide risks. Discipline will be needed to avoid the temptations of the past.
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This time last year, Euromoney recognized progress at Deutsche Bank as the best transformation story of 2020. Twelve months on, the German lender might be getting its act together at last. Can it sustain its recovery?
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Two years ago, Deutsche pulled back in ECM. Now, in Asia, it wants back in.
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Recent reports concerning a payment made by Deutsche Bank to Europe’s largest winery are a reminder that disputes over FX derivatives mis-selling have yet to run their course.
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The big question remains when governments will return to fiscal consolidation. How will NPLs fare when taxpayer support is withdrawn is also in doubt.
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Banks are slowly realising the commercial promise of data and data analytics products, but there is still a long way to go for many institutions to move beyond services that deliver limited business insight.
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This year’s FX survey reflects huge disruption and transition across the industry. Pandemic-driven technological advances saw traders tackle a surge in business while working remotely – supercharging change that will permanently alter the way the industry operates.
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A reported $1 billion score from distressed debt trading could encourage banks to look for risky ways to boost earnings.
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With Goldman and AmBank behind it, Malaysia aims further afield with lawsuits.
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The leading FX banks have introduced notable enhancements to their electronic trading platforms in recent months in an attempt to make them more attractive to traders that are still working away from their offices.
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While doubling of profit at the investment bank stood out, it was not the bank’s only strong performer.
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With Deutsche Bank apparently turning its fortunes around globally, expectations are high for Asia to deliver growth at the fastest rate of all its operations. Asia CEO Alex von zur Mühlen tells Euromoney he wants to use the bank’s footprint and diversity of revenues to get the job done.
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The Covid-19 pandemic has prompted corporates to look afresh at automation and efficiency in their processes. Deutsche Bank sees a gap – even in currency-restricted markets.
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Euromoney’s 2021 trade finance survey reflects an unprecedented year for the industry.
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A fintech built by a team of former Deutsche bankers in Singapore has became the first recipient of investment and partnership from Marketnode, a new venture between Singapore Exchange and Temasek.
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The ECB is desperate for banking consolidation. Cross-border deals remain unlikely, but wholesale combinations may be coming.
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The transformation plan appears to be working and as the investment bank regains market share, Deutsche looks better set for the coming consolidation.
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The digital dividend dominated the cash management market in 2020. Corporates responded well to those banks that digitalized the services they needed to stay afloat in the choppy waters of a global pandemic.
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As European bank consolidation finally gets under way, Euromoney looks at the financial firepower of the region’s top 20 players. Which banks are now best-placed to do the acquiring and which are at risk of being swallowed up? Mid-tier banks in southern Europe look especially vulnerable.
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The chairman of UBS seems determined to force a wave of European banking consolidation. A merger of his firm with Credit Suisse may not be possible, but other deals are likely.
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Its reincarnation as a sensible corporate bank is still a work in progress, but Deutsche’s achievements so far deserve recognition.
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Deutsche Bank’s commitment to Africa’s economic development began long before the Covid-19 pandemic struck, but the bank’s expertise in infrastructure and structured finance will be essential in supporting the continent’s recovery and in helping to address the long-term concerns holding back development.
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Crédit Agricole takes the lead in Western Europe in this year's Euromoney Awards for Excellence.
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Everyone wanted radical change at Commerzbank, except the bank itself.
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A complex investment in Wirecard by Deutsche Bank veterans now working at SoftBank has effectively compounded the eventual embarrassment for Germany Inc from the failure of the online payments firm.
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Claudio de Sanctis says that the new unit he heads is the next step on Deutsche Bank’s journey to global scale in wealth management.
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Firms such as Deposit Solutions and Raisin are thriving, partly because Europe’s wealthy are so risk averse.
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Bank balance sheets are ballooning and regulators are just fine with that.
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Global banks are finally getting full access to China’s capital markets. Regulators will let them own joint ventures outright as they roll out a host of services from forex to advisory to wealth management. For Beijing it’s a final frontier – and there’s no going back.
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The biggest challenge in German banking has suddenly gone from job cuts to handing out state-guaranteed loans as quickly as possible.
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The German leader joins local private banks in starting to steer clients towards third-party deposits platforms as the sector tries to pass on negative rates.
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Amid calls by the UN and the G20 for the private sector to do more, Citi has proposed a $100 billion coronavirus fund.
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Global cash managers are having to move fast and adapt solutions to support clients through the Covid-19 crisis.
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A few big banks in Germany, Switzerland and France pay the majority of the charges their central banks now levy on their reserves – Euromoney looks at which ones are worst affected and asks how they can manage the pain and maintain a conservative approach to liquidity and risk.
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The leading banks in Euromoney’s Trade Finance Survey 2020 comment on the highlights of the last 12 months and their expectations for the year to come.
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Best Private Banking Services Overall Net-worth-specific services: Mega HNW (>$250m) UHNW (>$30mln-$250mln) HNW ($5mln-$30mln) Super Affluent ($1mln-$ 5mln) Capital Markets and Advisory ESG/Impact Investing Family Office Services International Clients Investment Management Next Generation Philanthropic Advice Research and Asset Allocation Advice Serving Business Owners Data Management and Security Innovative or Emerging Technology Adoption
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As the bank finally grapples with the restructuring it has needed for years, there are reasons to be optimistic.
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HSBC takes the top spot in Euromoney’s survey for the third year in a row.
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The German bank’s transaction banking franchise will be central to the success of its new corporate banking division.
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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The bank has rejigged its historic numbers to reflect its new structure, but the result throws up an interesting glimpse of just how small its equity capital markets business will be in future.
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Clients have had a much easier time than their banks in Germany, but fintech innovation is creating ways for the likes of Commerzbank and Deutsche Bank to thrive, even in the country’s SME heartlands.
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Overall Credit Strategy Fixed Income Research (inclusive of all research) Actionable Trade Ideas
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Deutsche Bank’s decision to exit equities but continue with ECM is a startling move, but it reflects the reality of the industry as much as it does the bank’s own uncomfortable position.
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Deutsche Bank has taken the radical step of getting rid of its equities business, but thinks it can still offer ECM. Can it?
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The Deutsche Bank CFO is adamant that not only are his bank’s new ambitions achievable despite a fragile environment, but clients are also supportive.
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HSBC retains the top spot in Euromoney’s cash management survey.
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Bankers in Europe have discussed pooling resources across different institutions for some years, as the threat from bigger US rivals has become painfully obvious.
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Clubby governance structures in the EU are obstructing the fight against money laundering.
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Once a global wealth management (WM) powerhouse, DBWM no longer sits in the top 10 when it comes to AuM or stature.
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As Europe’s financial conduct authorities get tougher, banks will be even less likely to support trade between the EU and states that are small and poor.
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European banks are trying to put a devastating series of money-laundering scandals behind them, but the crisis is far from over. The extra costs it implies are hitting them at the worst possible time, while the damage to their reputations will be even harder to repair.
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Former DWS head could shake up captive fund model after Flint’s exit.
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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As it presses ahead with restructuring, Deutsche will exit cash equities, cut back in rates and centre itself on a traditional corporate banking business. CEO Christian Sewing calls it the most radical transformation the bank has undertaken in decades.
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The French bank sees an opportunity to grab market share – and a more advanced tech platform – in a business that it sees as strategic.
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Questions about Deutsche Bank's restructuring multiply with each tactical shift, increasing the premium placed on any areas of real success – such as its Autobahn platform.
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Deutsche employees who have recently been fired or face the axe will no doubt take comfort in the successes of fellow alumni such as Sajid Javid.
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A larger than expected second-quarter loss shows Deutsche kitchen-sinking its 2019 results.
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Christian Sewing has set the bank a difficult task of cutting businesses and costs yet growing revenues in the next three years; not everyone is convinced it can do both
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Germany’s biggest bank wants to convince investors that its latest restructuring effort differs from previous attempts by returning the firm to its original mission.
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The giant of European banking in the 1990s.
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Euromoney magazine has released the results of its 41st annual foreign exchange survey, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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This year’s Euromoney FX survey results show up some important multi-year trends. The main lesson? Foreign exchange is more competitive than ever.
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Wealthy clients increasingly need international products and services. The opportunities are clear for those who can stomach the regulatory hurdles of cross-border business and who can leverage their retail or investment banking connections. Technology investments are crucial, but the competitive landscape is opening up.
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While Commerzbank might yet be an attractive partner in European consolidation, Deutsche is caught in a horrible cycle of continuing to cut costs to offset declining revenues.
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Pricing new issues on intuition and market feel is ancient history – artificial intelligence and algorithms are setting the market price for credit, using factors and correlations humans can guess but not follow. Is AI the latest black box risk that will bring illiquid credit markets low or could it make them more efficient?
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Germany may conduct a strange experiment in state-sponsored investment banking if a merger between Deutsche Bank and Commerzbank proceeds.
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The news that Garth Ritchie, head of investment banking at Deutsche Bank, is being paid €250,000 a month for extra responsibility 'in connection with the implications of Brexit' has been condemned in Germany, where politicians and union leaders are preparing to oppose a potential merger with Commerzbank and associated job cuts.
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However the situation plays out, it might be the smaller firm that ends up in the stronger position.
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The bank confirms focus on transaction banking by strengthening ties with its investment banking unit through new appointments.
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From Deutsche Bank to Santander or ING, banks in Europe need to change with the times and accept accountability to a wider public, represented by their governments: as with weak capital, deficient ethics will only entail greater state control.
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The rationale to accelerate cuts in its US investment bank is obvious, but an orderly withdrawal will be hard to execute.
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Its strong performance in Euromoney’s trade finance survey – despite its recent difficulties – has left some rivals scratching their heads. What lies behind its high placing?
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Banks hold a lot of art, but how can they justify owning valuable collections, which have no practical use, when their previous extravagances have left their stakeholders in such pain?
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Bank shares have bounced back from recent lows in early 2019, but investors tempted to bet on a sustained rally risk yet another year of disappointment.
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New investigations into the troubled bank evoke bad memories.
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UK corporate broking is the business that won’t die. There is no requirement for it outside the smallest listed firms, and corporates the world over manage without it. Yet UK companies almost always want the reassurance it provides. Is it finally under threat?
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Covalent Capital’s OMAS platform seeks to digitize primary bond issues; the MAS is a backer.
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Asset management is one of the few opportunities European banks have for growth and good returns, but regulation is challenging the captive market and margins are falling. Can banks build their own versions of the low-cost US fund management firms – or are these few remaining crown jewels heading the same way as their investment banks?
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The sacking of DWS’s chief executive barely six months after its IPO shows that asset management might not be the great hope for a firm like Deutsche Bank.
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Rates are only rising because economies are doing so well and there is no need to panic, even if risk assets do sell off, at least according to the sell side.
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Fixed income research consumers tell us which research teams have impressed them most over the last 12 months.
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The last instalment of our results analysis looks at banks’ markets businesses
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Day 2 of our look at the performance of the 12 big CIBs over the past year, this time focusing on the investment banking business lines
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With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch
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Deutsche Bank is showing it can cut leverage exposure in its corporate and investment bank without slashing revenues. It has a long way to go in its pursuit of acceptable returns, but the new management team is demonstrating an early determination to deliver.
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It is 10 years since Rajeev Misra left his position as head of credit and commodities at Deutsche Bank in a move that came a couple of months ahead of the failure of Lehman Brothers and a global financial crisis.
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The influx of new technology is touted as having the possibility of revolutionising how the payments industry operates.
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Technology is rapidly transforming the payments landscape for corporates and retail customers alike, and the systems that gain traction tend to be those that give consumers better visibility of their money – or make their lives easier in other ways.
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Australia is used to regulatory and reputational calamity, but a case against ANZ, Citi and Deutsche has taken a more personal turn.
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AT1 contingent capital bonds are entering their second generation; issuers have begun refinancing the $200 billion asset class, but just two years ago the market looked close to collapse. What took it to near disaster? And how did it escape?
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Euromoney magazine has released the results of its 40th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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Deutsche management may be dropping like flies, but at least they have been longer-lived than one of the business lines in its financial results.
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Christian Sewing has been painted as the stern cost disciplinarian and man of action, so he had to unveil something decisive-sounding at his first results call — even if it smacks of tokenism
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With an embarrassing and badly mishandled change of chief executive now complete, all the big problems still remain for Deutsche Bank.
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Technology has enabled the movement of funds in secure environments. The speed of transactions has also dramatically increased, reducing down to just a few seconds in some countries and currencies as APIs and real-time systems arrive. But are instant payments always necessary? Is improving the speed and automation of your treasury systems a key part of your strategy? Please complete our short survey to share your views.
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Banks are working increasingly closely with large software and fintech companies to improve internal efficiency, but there is still progress to be made in understanding what both parties can gain.
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Technology may be creeping into every aspect of banking and corporate treasury, but there seems to be a low appetite for working with fintechs and more demand for a focus on traditional banking relationships and business understanding.
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Volatility in Q3 led to losses for Europe’s multinationals, report shows.
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UBS Wealth Management voted best global private bank; private banks more bullish on revenues; hiring to increase.
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While other parts of finance splinter and specialize, in wealth management it looks like bigger really does mean better: UBS wins Euromoney’s Private Banking 2018 survey yet again and the big global franchises continue to take the lion’s share of the industry.
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Deutsche’s CEO is telling the world just how much the bank still needs to do to improve, but struggles to make investors see the cost of fixing things as investing for the future.
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A bad year as the bank continued to rejig its client base, but management predicts GTB revenues will improve from the second quarter.
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The results of the Euromoney Trade Finance Survey 2018 show the emergence of two very different trends: the sustained presence of the global trade finance bank, and the rising influence of regional institutions.
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HSBC rises to the top of trade finance.
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The impediments to providing more trade finance to emerging-market clients are well known, but that does not make them any easier to overcome. Could the ultimate solution be in turning trade finance into an attractive asset class for institutional investors?
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Progress is limited and slow, and chief executive John Cryan remains under pressure
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Although banks like talking about bringing digital services to trade finance, a surprisingly low proportion of the 7,000-plus participants in Euromoney’s annual trade finance survey are actually using the technology.
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Deutsche says it welcomes any investor who sees potential in the German bank’s share, but holders are growing impatient for delivery.
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Several trends emerge from the year-to-date league tables, and not everyone will like them.
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HSBC holds top place in both the global financial institutions and non-financial institutions results; global banks dominate but regional banks continue rise.
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Deutsche Bank research into the use of aggregation for FX spot execution concludes that quality is better than quantity when it comes to working with liquidity providers.
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Austria’s best bank notched its best result to date last year on the back of a recovery in its emerging Europe operations. But while the group’s international network tended to grab the headlines, the domestic business also put in another strong showing.
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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Euromoney magazine has released the results of its 39th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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Goldman Sachs badly underperformed other US banks in first-quarter fixed income results, setting off a frenzy of speculation about trading positions that could have led to the disappointment.
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John Cryan has swallowed a difficult pill in executing his U-turn – whether the patient will recover in the long term remains to be seen.
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Despite rumours that Deutsche might cash in its departure-hit wealth management arm, Asia CEO Werner Steinmueller instead wants to double its size.
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In a reversal of their traditional roles, Deutsche Bank’s new focus on German business and a simplified structure bears more than a passing resemblance to domestic rival Commerzbank’s re-boot six months ago.
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Some of Europe’s biggest banks have joined behind KBC’s blockchain prototype to help SMEs increase trade across the continent.
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More than 2,000 private banks took part in the 2017 Euromoney private banking survey. See who’s up and who’s down globally, regionally and by country.
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Deutsche Bank held onto its global trade finance crown for the third year running, but it lost out in some of the regional placings. The 2017 survey attracted nearly double the number of voters compared with 2016.
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The world seems to be turning away from globalization and towards protectionism. Yet despite this challenging environment for trade, the bankers who finance it remain surprisingly upbeat.
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Deutsche Bank and Wells Fargo should make clawbacks of executive compensation a priority as they try to manage crises that threaten their viability.
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It has been over a month since Eric Ben-Artzi publicly declined his half share of a whistleblower award of $16.5 million for telling regulators about Deutsche Bank’s inflation of the value of a $98 billion credit derivatives portfolio during the financial crisis.
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Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103
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While HSBC scores a notable double in Euromoney’s annual global rankings, the record response rate of almost 35,000 validated votes generated a host of changes at the upper end of our cash management survey. Regional banks move to the fore and some previous global leaders have dropped back.
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Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.
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CEO John Cryan had hoped to remove uncertainty overhanging Deutsche Bank’s stock by speeding up the resolution of litigation, but the Department of Justice’s opening claim for $14 billion over RMBS refocuses attention on the bank’s weak capital.
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Asian developers dominate the 2016 Euromoney real estate survey, but the biggest changes are revealed among the global banks providing real estate finance.
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Who comes out best and worst from the DoJ report into 1MDB?
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By trying to be different, a lot of the world’s biggest transaction services houses are starting to look remarkably similar.
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From retail and investment to emerging market banking, regulatory technology is redrawing the global financial map. Data is the new capital, ideas are the new risk.
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Austrian market leader Erste Bank posted another set of healthy results in 2015 but the standout story of the year, in terms of both growth and profitability, belonged to Bawag PSK. The private equity-owned bank saw its bottom-line result jump by 26% year-on-year to €418 million, giving a sector-beating return on equity of 16.2% on the back of higher core revenues, lower operating expenses and a dramatic reduction in risk costs.
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The big beasts of DCM are regaining market share just as sovereign issuers are being reminded how much they need the expertise and risk-management capabilities of their relationship banks.
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When Deutsche Bank launched its magazine Konzept in November 2014, then co-CEO Anshu Jain described it (rather bizarrely for a print magazine) as “a new way of delivering its best ideas to clients and the wider world”.
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Deutsche Bank pledges to update anti-money laundering (AML) processes after failings uncovered by the Financial Conduct Authority (FCA) in a move that's pushing other banks to reassess their own operations.
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SoFi is becoming increasingly reliant on former Deutsche Bank staff as it seeks to expand the use of complex financing structures to fuel growth in its loan sales.
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Deal shows appetite after February sell-off; bank’s tier-2 issuance could herald TLAC surge.
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Citi retains top ranking while Deutsche plummets; JPMorgan and UBS rise; top five market share at all-time low; non-bank FX providers make an impact on rankings.
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Deutsche Bank’s co-chief executive John Cryan may find the bonus obsession of his investment bankers hard to understand. He will need to keep them motivated if he is to have any chance of pulling off a hugely challenging turnaround plan for the bank, however.
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Deutsche Bank’s co-CEO John Cryan should follow the playbook of Standard Chartered CEO Bill Winters and mount a public campaign to claw back bonuses from former managers.
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John Cryan, Deutsche Bank’s chief executive, has to resolve an identity crisis that has beset the bank for 30 years.
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Deutsche Bank has come to the end of an era. The question is whether or not it is approaching the end of its empire as well? Respected across the industry for his intelligence and integrity, John Cryan needs plenty of both to restructure Deutsche. It succeeded for years in building too large a version of exactly the wrong sort of investment bank for today’s markets. A bank that once had a clear identity in global finance is struggling to present a vision of what it will be in the future.
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Concerns over Deutsche Bank’s current financial position are a distraction. CEO John Cryan's biggest challenge is to restore trust in the bank’s brand before its core clients are tempted by the overtures of Deutsche’s competitors.
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Extended results can be viewed here.
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Trade Finance Survey 2016 full results Global 2016 2015 1 1 Deutsche Bank 2 2 UniCredit 3 3 Citi 4 4 HSBC 5 5 Commerzbank 6 14 Société Générale 7 12 RBS 8 6 Standard Chartered 9 20 ING 10 10 Santander
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Survey attracts more than 2,000 votes as biggest players hang on to top spots
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Deutsche Bank retains its position as the leading global trade-finance bank in this year’s Euromoney survey. The German bank and overall runner-up UniCredit also dominated the results by region and by product.
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It was the weakest year for global trade since the financial crisis. Trade-finance margins and volumes fell in 2015, while bank competition and industry costs jumped. Euromoney surveys the fallout.
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Bank cuts business in five countries; Brazil spared but offering diminished.
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It might not have been a big player in Latin America, but Deutsche Bank had a reputation for sticking through the hard times.
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Survey pulls in 27,000 responses from across financial institutions and non-financial institutions.
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View full results index
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Many banks now say cash management is the heart of their business, not just for the returns it can generate in its own right but also for the opportunity to pump other products and services through their networks. Euromoney’s survey reveals banks still have a lot of work to do to turn aspiration into reality
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A scathing report by German regulator BaFin on interest rate rigging by Deutsche Bank will no doubt give any potential employer of former co-CEO Anshu Jain pause for thought.
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Deutsche Bank’s flow business remains the crown jewel of its investment bank and a true global competitor that continues to build share in key markets.
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Deutsche Bank’s Strategy 2020 – which led to the resignations of co-CEOs Anshu Jain and Jürgen Fitschen – was a study in how to obfuscate and overwhelm reality in a way that simply didn’t add up.
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Little known outside the banking industry, John Cryan could prove a very capable chief executive of Deutsche Bank, as long as he can cope with life under public scrutiny.
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The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?
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The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.
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Citi retains top spot in Global FX as clients execute more than half electronically for the first time
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Regulator hands bank biggest fine yet; Dubai shakes off ‘anything-goes’ tag.
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A series of reports by regulators around the German bank’s $2.5 billion fine raise more questions than answers, while serving up embarrassment to remaining senior management.
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Michael Spiegel, global head of trade finance and cash management corporates, reveals how the bank has created a strong internal structure of collaboration.
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Fans of Jim Reid, Deutsche Bank’s seasoned head of global fundamental credit strategy, enjoy his regular insights on macro strategy delivered in lucid, and often humorous, prose. Euromoney is thoroughly impressed to learn that he has another, so to speak, string to his bow, namely playing the piano.
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Is Deutsche Bank contemplating a secret Götterdämmerung trade that would hive off sections of its investment bank and offer senior executives an escape route?
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Best private banking services overall
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JPMorgan’s $100 million settlement of a currency manipulation lawsuit has sparked a flood of interest from potential new claimants, and marks a new victory in their fight for compensation, according to a leading lawyer involved in negotiations.
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Asoka Wöhrmann, global CIO with Deutsche Asset & Wealth Management, shares his macro and asset allocation views for the year ahead.
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The results for the Trade Finance Survey indicate a resounding success for Deutsche Bank.
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Larry Adams, CIO for Deutsche Bank's Wealth Management Americas, shares his views on how 2014 was full of surprises and how 2015 could be full of risks.
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FX market veteran takes up new role developing digital technology and reducing business complexity across Deutsche Bank’s markets platform
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Deutsche Bank’s explicit admission in its third-quarter results that higher regulatory costs are hitting the profitability of its global transaction banking business will come as blow to the bank and a warning to others.
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14% rise in responses pushes total to all-time high of 28,000.
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For those of you who were dozing on the beach this summer, with your smart-phones switched off, a leading Portuguese bank was restructured in August and no one, least of all the regulators, seems to have forewarned us of this impending disaster.
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Pre-tax profits from Deutsche Bank’s global transaction banking business fell 29% in the second quarter compared with a year earlier, as the business – a core part of its growth strategy – was hit by a 'litigation-related charge'.
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Despite recent troubles, Deutsche was the outstanding performer in the debt capital markets over the last year.
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Deutsche Bank has created a new combined division within its global transaction banking business in an effort to strengthen the service it provides global financial institution, investor and issuer clients.
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Deutsche Bank’s third annual survey of global prices was released in May, giving a guide to the cheapest and most expensive places for standard consumer goods. Here is some advice extracted from the data: purchase your Adidas sports shoes in South Africa; shop in India for Levi jeans and your VW Golf convertible; get your iPhone in Japan; rent a car in China; watch your movies in Malaysia; subscribe to the Economist in Indonesia; buy your Mac from Canada; get your smokes in the Philippines.
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Deutsche Bank finally managed to sell its Las Vegas casino – The Cosmopolitan – a few days before announcing a €8 billion capital raising that it will use to double down on its bet that it can make a viable return from a full-service global fixed-income business.
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Barclays cuts its investment bank in half; Deutsche raises equity to protect market share.
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The Las Vegas casino that Deutsche Bank finally managed to sell just before announcing its most recent capital increase – The Cosmopolitan – uses the catchphrase “Just the right amount of wrong” to tempt customers.
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Shades of Gwyneth and Chris: Simon Robey and Simon Warshaw consciously uncoupled from Simon Robertson.
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Pre-tax income from Deutsche Bank’s global transaction banking (GTB) business grew 15% in the first quarter compared with a year earlier, despite being hit by “intense margin and competitive pressure”.
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€3bln for DCM, €3bln for FICC; UniCredit, Commerzbank and Crédit Agricole to benefit as funding shifts to bonds
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The financial landscape is changing and certain macro themes are beginning to emerge.
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The markets didn’t quite ignore the rushed news of Deutsche Bank’s fourth-quarter 2013 €1.2 billion loss stemming from litigation charges, restructuring costs and weak performance in its fixed-income business. Sure, the shares fell 6.5%, but this came after a more than 20% rally from the middle of 2013. Investors might have contented themselves that, after stripping out all the accounting nonsense and the litigation one-offs, the underlying performance wasn’t too bad.
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Competition and low rates eroding margins; Business key to broaden banking relationships
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The third quarter performance of Deutsche Bank and Standard Chartered’s transaction banking divisions shows how stable revenues and profits can be from the business, but this resilience is being tested by pressure points, not least competition.
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Deutsche Bank has become the latest global bank to enter the fast-growing market for prepaid corporate cards, which was estimated to be worth close to $80 billion in the US alone last year.
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The path to success in investment banking these days is pretty much preordained: top university, first-class degree, ball-breaking spell as an intern, some sort of post-grad qualification and no time for any outside interests.
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In late June, I attended the International Capital Market Association’s dinner at the Savoy Hotel in London to celebrate the 50th anniversary of the Eurobond market. In 1963, the first fixed-rate Eurobond was launched by Autostrade. The issue was $15 million of 5.5% guaranteed bonds due 1972/78. Icma had gathered together an impressive group of market participants from all over the world. Issuers and bankers mingled and reminisced. Euromoney, which was founded in 1969 and has chronicled the development of and the milestones in the Eurobond market, was a sponsor of the dinner. As I scanned the guest list, I saw many familiar names: Cyrus Ardalan, Samir Assaf, Johannes Attems, Allegra Berman, Charlie Berman, Viscount Bridport, Waltraut Burghardt, Lachlan Burn, Maria Cannata, Christopher Carter, David Clark, Nicholas Clegg, Joe Cook, Frank Czichowski. And that brings me to only the fourth letter of the alphabet.
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High capital ratio now a key part of strategy; new issue might help meet US demand.
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After the February unveiling of an ambitious turnaround strategy, Barclays' CEO Antony Jenkins faces new risks to earnings, uncertainty over the direction of the bank's US investment banking arm – core to its global footprint - and market pressures to accelerate capital accumulation.
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For all the fragmentation in the FX market, the top four banks further consolidated their dominance of customer business, according to the 2013 Euromoney foreign exchange survey. As volumes rise again in FX, volatility returns and banks’ earnings from it recover, margins are still compressing. Customers are focused on cutting transaction costs. Banks face big demands on scarce IT resources.
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Deutsche Bank’s belated battle to boost its equity position underscores growing capital pains for global banks just as regulators in the US, and possibly UK, appear to be fighting tooth and nail for a sharper leverage ratio to reduce systemic banking risks.
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Forget about global financial flows for a minute, think about stock. The global stock of bonds, loans and shares has almost doubled since 2000 to $209 trillion, according to Deutsche Bank.
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Against this opaque backdrop, Deutsche Bank seems to be tripping over its own toenails. I admit that during the financial crisis I was one of the few journalists who was critical of the good ship DB. I didn’t like the fact that shortly after Lehman’s collapse, Deutsche posted a surprise third-quarter profit by reclassifying some €25 billion of trading assets under new accounting rules. I also couldn’t understand how a house that had been so big in complex derivative products did not need to raise more capital – although Deutsche did eventually raise capital in late 2010 in association with the takeover of Deutsche Postbank.
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Euromoney hopes that, of all bankers, Santa was kind to Stefan Krause and that the chief financial officer of Deutsche Bank had a particularly good Christmas break.