Friday Nov 15, 2024
Friday Nov 15, 2024
Tuesday, 5 June 2012 00:42 - - {{hitsCtrl.values.hits}}
FRANKFURT (Reuters): Deutsche Bank’s new leaders said on Friday they intended Germany’s flagship lender to be among the world’s top global banks as the sector consolidates.
Speaking to staff on his first day as Co-Chief Executive, Anshu Jain took a swipe at Swiss and French competitors by saying Deutsche would likely be the only “truly global” bank from continental Europe, a person familiar with the meeting told Reuters.
Although Deutsche Bank is dwarfed by banks from China, Brazil and Russia and is ranked around 24th largest lender by market value, its geographical footprint is much more diversified than that of Russian or Chinese banks.
Only a few lenders can boast a substantial market presence in Europe, North America and Asia, substantially narrowing the peer group against which Deutsche will measure its progress towards being among the world’s top five or six global lenders.
A raft of large investment banks have expanded globally including UBS, Credit Suisse, Barclays , HSBC, JP Morgan, Morgan Stanley Bank of America, Societe Generale and BNP Paribas.
But some are scaling back their ambitions, bruised by the euro zone crisis and strategic missteps which Deutsche hopes will help it win market share.
Closer to home, Deutsche Bank said it would integrate the asset management and wealth management divisions into a new standalone unit as part of a strategic overhaul introduced by Jain and co-Chief Executive Juergen Fitschen.
Other divisions include the sales and trading arm, corporate banking and securities, retail banking arm private and business clients, and global transaction banking which is responsible for cash management and transactions.
The move marks the implementation of a reshuffle, the details of which were reported by Reuters in March.
Fitschen told staff that Deutsche needed to create its own capital, a signal that it is not preparing to tap markets in the short-term.
Deutsche Bank outlined key appointments at the investment banking arm with a 15-member management committee.
Aside from co-heads Colin Fan and Robert Rankin the bank installed Zar Amrolia as Head of Foreign Exchange, Henrik Aslaksen as Head of Corporate Finance EMEA, Jacques Brand, Head of Corporate Finance, Americas, and Ivor Dunbar as Head of Client Franchise Development.
The bank named Wayne Felson as Head of Rates and Credit Trading, Rich Herman as Head of the Institutional Client Group, Jeff Mayer, Head of Corporate Banking and Securities North America and Miles Millard as Head of Capital Markets and Treasury Solutions.
Ram Nayak was named Chairman of the Emerging Markets Committee while Michael Ormaechea was named head of Fixed income currencies commodities Asia Pacific.
Garth Ritchie will be Head of Equities, Elad Shraga will be Head of Structured Finance and Bhupinder Singh will be Head of Corporate Finance & Structuring, Asia Pacific, the bank said.
