FRANKFURT: Deutsche Bank AG is about to embark on a retreat from a swathe of equities markets across the world, including some on its own doorstep in Europe, according to sources.
Germany’s biggest lender, which is expected to announce a range of restructuring measures to coincide with its annual shareholder meeting today, will sharply reduce its presence in the US market, and has also started cutting activity in the Central Europe, Middle East and Africa region, the sources said.
The decisions spring from a wide-ranging review of the bank’s global equities business. Chief executive officer Christian Sewing has indicated that the bank will scale back the business that services hedge funds and the trading of stocks will also be affected, according to sources.
Among those to leave the bank are London-based head of CEEMEA equity sales Darren Veenhuis, the people said. Veenhuis declined to comment to Bloomberg yesterday. Pascal Moura, who runs equity research for the region from Dubai, is also leaving the bank, the people said. — Bloomberg
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