Deutsche Bank plans to pare U.S. equities business to skeleton operation - sources [Reuters (UK)]
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Source: Reuters
Deutsche Bank plans to pare U.S. equities business to skeleton operation - sources - Reuters 4 Min Read NEW YORK (Reuters) - Deutsche Bank plans to dramatically reduce the size of its U.S. equities business, leaving only a skeleton operation in place to service corporate and high-net-worth clients, three sources familiar with the matter told Reuters. Chief Executive Officer Christian Sewing is battling to convince investors he can turn around Germany’s biggest lender, whose shares hit a record low this month. He told investors at the annual meeting last month that Deutsche was prepared to make “tough cutbacks” at its investment bank. Members of Deutsche’s supervisory board discussed those plans on a call last week and agreed that large-scale cuts were necessary in the bank’s U.S. equities and rates trading businesses, the sources said. A complete retreat from U.S. equities was discussed, but the preferred option among board members was to keep a presence in the market and continue dev
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