BNP Paribas CEO Jean-Laurent Bonnafé says Deutsche Bank prime brokerage business transition is proceeding very swiftly, with restructuring costs expected to reach €100 million this year.
Tag: BNP Paribas
Deutsche Bank’s transition of prime and electronic equities clients to BNP Paribas moves forward after both banks receive approval for the deal.
Deutsche Bank is transitioning its prime brokerage and electronic equities clients to BNP Paribas as part of a major restructure.
The fine was related to failures over BNP Paribas' AML system to identify suspicious penny stock trades and wire transfers over a four year period.
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.
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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.
Deutsche Bank's top brass signalled it has made progress in the potential transfer of their prime brokerage balances, electronic technology and staff to BNP Paribas.
Deutsche Bank revealed its significant business transformation and restructuring plans, including a targeted reduction in adjusted costs of around €6 billion by 2022.