Deutsche Bank plans to pare U.S. equities business to skeleton operation: sources

Deutsche Bank plans to dramatically reduce the size of its U.S. equities busines...

NEW YORK - 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.

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. In an emailed statement, a Deutsche spokesperson said the bank “is working on measures to accelerate its transformation so as to improve its sustainable profitability.”

The bank is keen to maintain substantial debt capital markets and credit trading business in the United States, having identified them as businesses with growth potential, the sources said. It will also retain a sizeable M&A advisory business.

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