Deutsche Bank loses top 3 investment bank rating, research firm says: Financial Times
An ATM is seen outside a branch of German Deutsche Bank in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez
(Reuters) - Deutsche Bank
The numbers now show Citigroup (NYSE: C) and Bank of America (NYSE: BAC) ahead of Deutsche Bank. JPMorgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS) retained their positions in first and second place respectively.
Coalition's research ranks global investment banks by total revenue from fees and trading.
The results were not a surprise, said Ram Nayak, Deutsche’s head of fixed income.
“They reflect a well-flagged shift in our strategy that has seen us focus on delivering a better quality of service to a smaller number of clients over a more targeted range of products,” Nayak said, according to the Financial Times.
Deutsche had been third in the poll since before the financial crisis. In October the bank announced that it was cutting 9,000 jobs, pulling out of 10 countries, reducing resources to its markets division and halting some markets activities as part of a five-year strategy designed to restore investor confidence.
The Financial Times first reported the news from Coalition.
(Reporting by Dion Rabouin; Editing by Jonathan Oatis)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan (JPM) Dealmakers Lipsky and Lee Leaving the Bank - Reuters
- Deutsche Bank Upgrades Medical Properties Trust (MPW) to Hold, 'Debt Maturity Likely Resolved Until At Least 2025'
- Wall Street's "fear gauge" at over 5-month high on rate cut, Mideast worries
Create E-mail Alert Related Categories
ReutersRelated Entities
Deutsche Bank, JPMorgan, Goldman Sachs, CitiSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!