People wondered if the buck perhaps stopped with our German supervisory board instead. Consistency of management, clarity of strategy and intensity around clients are the three factors that Fedorcik identifies as behind the performance so far. They are three macro themes that many banks take for granted, but it is a long time since Deutsche Bank has had that luxury.
The trick is to keep the bank on the simple, boring and repeatable track that its executives now seem to want more than anything else. But the rival banker was right — shrinking to greatness is hard indeed. The pressure to win only increases as you chase fewer targets.
That Deutsche Bank is still playing in the US market seems at times like an oddity. After all, the bank touted its restructuring as marking a refocus on its corporate clients, particularly in continental Europe, where the origination and advisory business is obviously complementary to a strategy to be the leading investment bank in the region and one of its leading corporate banks.
But the calculation by chief executive Christian Sewing and his team back in July was that the bank could not afford to cut loose from the US market and still hope to stay credible. It was already shuttering equities by necessity — and was by no means sure how the rest of the business would fare after that.
But while the US operations were cut back hard, the thinking was that a business that supported its cross-border clients — both Europeans wanting to be active in the US market and US clients wanting to raise debt in euros, for instance — could be made to work.
Those capabilities go back to its acquisition of Bankers Trust in ; a deal that came to epitomize the grand global ambitions that the German bank indulged over the following 15 years, ambitions that would eventually take it from crisis to crisis. Bankers Trust had bought investment bank Wolfensohn in and then 12 months later added Alex Brown , an investment bank that had been founded in They told us that we understood the space better than anyone else they had spoken to and were able to bring a unique perspective into the biggest potential buyers.
The bank has had regulatory run-ins. Fixing that has taken much longer than executives at the bank would have liked. The Fed was still telling Deutsche that it was sub-standard as the Covid pandemic hit in the spring of And now the bank looks, if anything, to be doubling down on its US commitment. Fedorcik is based in New York, as is Drew Goldman, global capital markets co-head Sean Murphy and James Davies, head of the institutional client group and head of the investment bank in the Americas.
When Euromoney speaks to them over the summer, they are about to move offices. And nor should it, while the US accounts for nearly two-thirds of the fee pool, says Fedorcik. We are doing something right. Others are more frank. But Deutsche is picking its spots, certainly in comparison to the days of the Bankers Trust acquisition and the rampant poaching of teams — many from Credit Suisse — at the start of the millennium.
Its approach to the special purpose acquisition company frenzy is a good example, where it has focused on those repeat sponsors that are displaying proven success.
He was one of those tasked with talking clients through that change. He says they understood it, but were equally forthright that they would expect the bank to deliver on its new, leaner model. That trust was rewarded, Davies argues. Free Trial Login. Subscribe Login. The material on this site is for financial institutions, professional investors and their professional advisers.
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