Deutsche Bank’s transition of prime and electronic equities clients to BNP Paribas moves forward after both banks receive approval for the deal.
Deutsche Bank is one of four international banks working with Symphony to integrate WeChat for corporate clients in China.
Deutsche Bank is transitioning its prime brokerage and electronic equities clients to BNP Paribas as part of a major restructure.
Deutsche Bank is undergoing a major restructure which includes the loss of around 18,000 full time positions by 2022.
Deutsche Bank’s head of EMEA execution services Matt Cyzer has been named CEO of Cowen Execution Services, with six of his colleagues also joining the broker-dealer.
The two firms agreed on a deal in principle in July as part of the German bank’s major restructuring and a complete withdrawal from equities trading,
Deutsche Bank expects activity on China’s Bond Connect to increase, forecasting a further $120 billion flow into onshore bonds in the next few years.
Jes Staley said Barclays has gained roughly $20 billion from Deutsche Bank as it targets growth of prime brokerage business.
Deutsche Bank hopes the transition will close by end of this year, but BNP Paribas has said it will likely be completed in its entirety by summer next year.
German institution details €3.1 billion net loss in Q2 2019 following initiation of dramatic restructuring plan.