Published On: Fri, Apr 5th, 2019

Exclusive: Deutsche Bank open to U.S. revamp in merger talks – sources

Share This
Tags


FILE PHOTO: The financial district with the headquarters of Germany's largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt
FILE PHOTO: The financial district with the headquarters of Germany’s largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt, Germany, January 29, 2019. REUTERS/Kai Pfaffenbach/File Photo

April 5, 2019

By Matt Scuffham

NEW YORK (Reuters) – Deutsche Bank said it was open to further restructuring of its U.S. investment bank after Commerzbank executives sought clarity on its plans during merger talks, according to three sources familiar with the matter.

The future of the bank’s U.S. trading and investment banking presence had already been in question, with some shareholders calling for further cuts on top of ones announced last year. Speculation has intensified following confirmation of the merger talks last month.

Among the options floated by the bank during the talks were a further scaling back of its U.S. equities business including prime brokerage services for hedge funds and reductions at its corporate finance business, the sources said.

Commerzbank wanted reassurances Deutsche Bank was prepared to make deeper cuts at its loss-making U.S. business as a condition of proceeding with the merger talks, the sources said.

(Additional reporting by Tom Sims in Frankfurt; Editing by Chris Reese)



Source link

About the Author