DB May Transfer 800 to BNP in Prime Broker Deal
- The French firm is hoping to take on the German lender's $200 billion prime brokerage business
A deal that will see BNP Paribas assuming control of a sizeable proportion of Deutsche Bank's prime brokerage business may lead to 800 employees jumping ship from the German bank.
According to Reuters, a part of the deal will involve the banking executives transferring from Deutsche Bank to BNP Paribas.
This could be good news for both parties - as well as the 800 people not losing their jobs.
Deutsche Bank has been attempting to shed 18,000 workers as it undergoes a massive shift in its set of operations. To try and return to profitability, the German firm has effectively ditched its investment banking business.
No severance pay
Its prime brokerage division was an important part of that business, serving clients with assets worth approximately $200 billion.
BNP Paribas is hoping to take on the bulk of the group's Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term clients, though British bank Barclays is also trying to nab $20 billion worth of business from the Deutsche Bank fallout.
If the 800 employees do transfer to BNP Paribas, it will mean that Deutsche Bank will be saved from having to pay out some hefty severance packages. The French bank will also gain the insights of the people that have been working on the business and the clients they serve.
According to Reuters, most of the employees are based in London and New York.
A deal that will see BNP Paribas assuming control of a sizeable proportion of Deutsche Bank's prime brokerage business may lead to 800 employees jumping ship from the German bank.
According to Reuters, a part of the deal will involve the banking executives transferring from Deutsche Bank to BNP Paribas.
This could be good news for both parties - as well as the 800 people not losing their jobs.
Deutsche Bank has been attempting to shed 18,000 workers as it undergoes a massive shift in its set of operations. To try and return to profitability, the German firm has effectively ditched its investment banking business.
No severance pay
Its prime brokerage division was an important part of that business, serving clients with assets worth approximately $200 billion.
BNP Paribas is hoping to take on the bulk of the group's Prime Broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term clients, though British bank Barclays is also trying to nab $20 billion worth of business from the Deutsche Bank fallout.
If the 800 employees do transfer to BNP Paribas, it will mean that Deutsche Bank will be saved from having to pay out some hefty severance packages. The French bank will also gain the insights of the people that have been working on the business and the clients they serve.
According to Reuters, most of the employees are based in London and New York.