The British bank has firmly established itself in the middle ranks of the industry prime brokerage league table.
Tag: Deutsche Bank
The New York-based firm is aiming to become the partner of choice for hedge funds that are diversifying their prime brokers.
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.
The new division is the latest in a string of restructuring moves in recent months as Citi looks to streamline its businesses.
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.
Neal Pawar will take on the role of chief information officer and join Deutsche Bank's executive committee in early September.
The German bank's global head of securities services departs after a year in the role, as Deutsche Bank names successor in New York.
Deutsche Bank revealed its significant business transformation and restructuring plans, including a targeted reduction in adjusted costs of around €6 billion by 2022.
Deutsche Bank's former global co-head of prime finance gets new role as head of central funding and counterparty strategy.