Deutsche Bank has merged its Listed Derivatives and Markets Clearing business with its Prime Services unit, according to a source close to the matter.
According to the source, the merger is part of Deutsche Bank’s effort to move its derivatives business to more of an asset services model.
Effective immediately, the two businesses will be headed by Dixit Joshi, global head of Prime Services.
The merger of the two units follows the departure of Michelle Neal, Deutsche Bank’s former global head of its listed derivatives, OTC clearing, FX and fixed income prime brokerage businesses. She joined BNY Mellon as president of its Markets Group.
A spokesperson for Deutsche Bank declined to comment.
Deutsche Bank has significantly reorganised its investment banking and prime services throughout the year due to higher litigation costs and leverage constraints.
In April former co-CEO , Anshu Jain, signalled the shrinkage of its prime services unit as part of an overall €3.5 billion cost-cutting initiative.