Deutsche Bank announced in May that it had reduced its balance sheet exposure in prime finance and the rates business by €80 billion.
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Deutsche Bank plans to double-down its efforts for its most profitable clients, expanding the hedge fund focus on its senior equities team.
Prime brokerage was one of the top revenue fallers for Deutsche Bank in 2017, due to its balance sheet-intensive nature and has over the years made major cuts with certain hedge fund clients.
Deutsche Bank’s plans will include a significant reduction in its headcount across the US and Asia.
Recent appointments to the business has signalled a boost in its global capabilities and providing a one-stop shop for hedge funds.
BNP Paribas recently announced a major reshuffle to its prime services & financing and global markets team.
BNP Paribas was among the top banks that recorded a boost in earnings for equities and prime brokerage during 2017.