Deutsche Bank to Cut Off Around 3,400 Clients
03 December 2016 - 4:40AM
Dow Jones News
Deutsche Bank AG said it would cease providing some coverage for
about 3,400 actively trading clients in its global markets
division, according to a memo sent to equities staff.
The memo to equity sales, sales trading and structuring staff
said the move is with "immediate effect."
A Deutsche Bank spokesman confirmed the contents of the
memo.
It follows a detailed review by the trading division of the
German lender's client list "to identify clients with whom it is
not strategically viable for us to continue to do business,"
according to the memo from Dixit Joshi.
The action is aimed at balancing "risk, revenue and
profitability," according to the memo. The cuts affect
Institutional Client Group debt and equity sales, sales trading and
equity structuring clients, according to the memo.
Write to Rob Copeland at rob.copeland@wsj.com and Jenny
Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
December 02, 2016 12:25 ET (17:25 GMT)
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