Barclays bullish on prime brokerage after $20 billion Deutsche Bank gain
Group CEO of Barclays, Jes Staley, says the bank is continuing to see gains in prime brokerage after increasing balances in the third quarter.
Group CEO of Barclays, Jes Staley, says the bank is continuing to see gains in prime brokerage after increasing balances in the third quarter.
Prime brokerage is ‘the centre of the machine’ for equity sales and trading, according to Morgan Stanley, as revenues rise in the third quarter.
One of Morgan Stanley's most senior prime brokerage executives will retire at the end of 2019 having led the division since 2009.
JP Morgan has increased prime brokerage balances by 25% over the year, following near-record levels set across the cash and synthetic businesses.
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,
Prime brokers are stepping up their due diligence of hedge funds, becoming more forensic when looking to bring a hedge fund onto their balance sheet.
The co-head of Citi’s Americas prime finance business has left after two years with the US bank.
Credit Suisse has added new technology and reshuffled senior leadership to the algorithmic trading division as it looks to regain market share.
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.