How Deutsche Bank is Dealing With its Big Weakness https://www.wsj.com/articles/how-de...shareToken=sted5a3abba0764c58b0c141fb30be84be
Deutsche Bank Deutsche Bank CEO Christian Sewing told disgruntled shareholders this morning that the bank is about to see "tough cutbacks." He didn't give much in the way of detail, but he implied cuts at the bank's loss-making U.S. equities business. Financial Times
Deutsche Bank The Financial Times reports that Deutsche Bank is to shrink or close its U.S. trade business and set up a so-called "bad bank" to hold or sell assets—mostly long-dated derivatives—valued at up to $56 billion after adjusting for risk. "It makes sense for us to put all these long-term, nil-revenue assets in a non-core unit," said one "senior figure at the bank." FT
RenTech Has Been Pulling Money Out of Deutsche Bank for Months (Bloomberg) Renaissance Technologies, the hedge fund giant that Deutsche Bank AG has counted as one of its largest clients, has been taking money out of its prime brokerage accounts with the German lender over the past few months, according to people familiar with the move. While Renaissance, the secretive firm known for its unrivaled Medallion Fund, remains a major client of Deutsche Bank, it has been moving business to Barclays Plc and Bank of America Corp., among others, according to the people, who asked not to be identified because the information isn’t public.