BNP Paribas accelerates integration of Deutsche prime brokerage business
With the integration of the Deutsche Bank business, BNP Paribas is aiming to become the top prime broker in Europe and potentially break out as a top four global player.
With the integration of the Deutsche Bank business, BNP Paribas is aiming to become the top prime broker in Europe and potentially break out as a top four global player.
Mixed fortunes for European custodians with a combination of double-digit revenue growth and some large declines during the first quarter.
Von zur Mühlen, a key operator in Deutsche Bank's major investment banking restructure, will replace near-30 year veteran Werner Steinmüller as CEO of its APAC business.
The impact of the COVID-19 crisis on operations could stimulate work towards a digital post-trade framework between regulators and securities services firms.
After bringing the securities lending business back into securities services, Deutsche Bank is on an ambitious goal to seek greater cross-product opportunities.
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.
The appointments follow a flurry of departures from the bank’s securities lending leadership team, with its global and regional heads recently joining MUFG.
Tim Smollen had spent over a decade at Deutsche Bank and was inducted into the GC Hall of Fame as a legend in 2013.
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The appointment is the latest high-profile hire for BNY Mellon’s North America asset servicing business, where it is implementing a new look to the team.