So it comes as no surprise that it slipped down a prominent investment banking league table by research house Coalition. Even one of Deutsche’s key personnel said it was “not surprising.”
The Financial Times reported that Deutsche fell from its position as a top three global investment bank this quarter despite retaining that ranking since before the financial crisis in 2007/2008.
It has now moved to fifth place, below Citigroup and Bank of America which both held joint third position and below Goldman Sachs in second place and JPMorgan in first place.
Coalition ranks global investment banks by total revenue taken from fees and trading and converts these into US dollars.
“[The results] are not surprising,” said Ram Nayak, Deutsche Bank’s head of fixed income, to the FT.
“They reflect a well-flagged shift in our strategy that has seen us focus on delivering a better quality of service to a smaller number of clients over a more targeted range of products.”
Deutsche Bank’s struggles in the past year or so are well documented, and new CEO John Cryan is trying to turn the bank on its head in the pursuit of new success. Since taking the reins last year, Cryan has criticised banking’s bonus culture, shaken up the bank’s board, and is reportedly working 15-hour days to turn Deutsche around.
Meanwhile, Deutsche confirmed in October last year that it was cutting 9,000 jobs and leaving 10 countries in a bid to shore up costs.
However, as Business Insider revealed last month, one of Deutsche’s key trading businesses — rates — is suffering amid the tough start to the year.
The rates-trading business focuses on the trading of government debt and interest-rate derivatives and it targeted ambitious revenue growth in 2016.
However, sources told Business Insider that while overall business has picked up over the past six weeks across Wall Street, Deutsche Bank’s rates revenues are still down compared with the same period last year.
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