Deutsche Bank AG is poised to win back market share it lost to US rivals as the German lender completes internal restructuring plans, said Alasdair Warren, the head of its corporate and investment bank in Europe, the Middle East and Africa.
“The American banks have taken share from us,” Warren said in an interview broadcast by Bloomberg TV on Monday.
“Through the latter part of last year and the early part of this we were frankly quite distracted by a bunch of internal related issues,” he added.
However, Warren said that he is confident that Deutsche Bank can gain back some lost ground from the US firms.
“Over the course of the last six months we’ve seen that flatten. I think we’re going to see it pick up again. A lot of international and European clients want to continue to work with us,” he said.
Deutsche Bank is ranked No. 9 for advising on merger-and-acqusition deals in Europe this year, working on 43 deals valued at about US$101 billion, according to data compiled by Bloomberg.
At the same point last year, the German lender was ranked at No. 7, and finished the year in sixth position.
Deutsche Bank chief executive officer John Cryan has said the lender might fail to be profitable this year after posting its first annual loss since 2008 last year.
With plans to eliminate thousands of jobs and cut risky assets, he has called last year a peak restructuring year.
Deutsche Bank is also currently negotiating a multibillion-dollar settlement with the US Department of Justice to resolve a years-long investigation into its mortgage-bond dealings.
Since UK voters opted to leave the EU in a referendum vote in June, there has been a drop in UK companies seeking acquisitions abroad and doing deals with each other, Warren said.
However, overall deal volumes have picked up since the decision after a slow start to the year — and inbound activity into the UK is booming, he said.
“Whilst they’ve been down quite significantly in the first half of the year, pre the Brexit vote, actually we’ve seen quite a pickup in activity post that,” Warren said. “We’ve seen some very specific trends develop.”
Warren joined Frankfurt-based Deutsche Bank last year from Goldman Sachs Group Inc, where he was cohead of the financial sponsors group.
The bank advised Anheuser-Busch InBev NV on its US$103 billion takeover of SABMiller PLC, which was given the go-ahead by shareholders of the London-based brewer on Sept. 28.
Meta Platforms Inc offered US$100 million bonuses to OpenAI employees in an unsuccessful bid to poach the ChatGPT maker’s talent and strengthen its own generative artificial intelligence (AI) teams, OpenAI CEO Sam Altman has said. Facebook’s parent company — a competitor of OpenAI — also offered “giant” annual salaries exceeding US$100 million to OpenAI staffers, Altman said in an interview on the Uncapped with Jack Altman podcast released on Tuesday. “It is crazy,” Sam Altman told his brother Jack in the interview. “I’m really happy that at least so far none of our best people have decided to take them
BYPASSING CHINA TARIFFS: In the first five months of this year, Foxconn sent US$4.4bn of iPhones to the US from India, compared with US$3.7bn in the whole of last year Nearly all the iPhones exported by Foxconn Technology Group (富士康科技集團) from India went to the US between March and last month, customs data showed, far above last year’s average of 50 percent and a clear sign of Apple Inc’s efforts to bypass high US tariffs imposed on China. The numbers, being reported by Reuters for the first time, show that Apple has realigned its India exports to almost exclusively serve the US market, when previously the devices were more widely distributed to nations including the Netherlands and the Czech Republic. During March to last month, Foxconn, known as Hon Hai Precision Industry
PLANS: MSI is also planning to upgrade its service center in the Netherlands Micro-Star International Co (MSI, 微星) yesterday said it plans to set up a server assembly line at its Poland service center this year at the earliest. The computer and peripherals manufacturer expects that the new server assembly line would shorten transportation times in shipments to European countries, a company spokesperson told the Taipei Times by telephone. MSI manufactures motherboards, graphics cards, notebook computers, servers, optical storage devices and communication devices. The company operates plants in Taiwan and China, and runs a global network of service centers. The company is also considering upgrading its service center in the Netherlands into a
Taiwan’s property market is entering a freeze, with mortgage activity across the nation’s six largest cities plummeting in the first quarter, H&B Realty Co (住商不動產) said yesterday, citing mounting pressure on housing demand amid tighter lending rules and regulatory curbs. Mortgage applications in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung totaled 28,078 from January to March, a sharp 36.3 percent decline from 44,082 in the same period last year, the nation’s largest real-estate brokerage by franchise said, citing data from the Joint Credit Information Center (JCIC, 聯徵中心). “The simultaneous decline across all six cities reflects just how drastically the market
RSS