Jul 12, 2019

Deutsche’s retreat may not be the end of the story

Deutsche Bank's withdrawal from the equities business casts a long shadow over the City of London. Nestling on the corner of London Wall and Old Broad Street, a stone's throw away from the traditional home of the London Stock Exchange, Deutsche Bank was the last full-scale European challenger to Wall Street's elite to have its investment banking headquarters in the heart of the Square Mile. Morgan Grenfell was one of the first to go, closing Morgan Grenfell Securities in 1988 and selling itself to Deutsche Bank in 1989 as part of the German lender's push to become a universal bank. The experiences of another European bank suggest that this may not quite be the end of the story. Were some or all of these events to occur, primary equity markets would recover their lustre and some future Deutsche Bank management might look for its own Mr Diamond to rebuild a full service investment bank.

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