BNP Paribas is hiring, lending and hustling to capture a greater share of the U.S. market. Deutsche Bank and Barclays are doing likewise. This time round, the goal is to slow the advance of the Wall Street firms in Europe. johnsfoley
Locked out of the big league by American colossi, foreign banks have tended to take one of two strategies: drill down or zoom out. Deutsche Bank. It started jettisoning its equities business in 2019 and is now focused on trading fixed-income securities and currencies, which makes up around 60% of the total trading revenue pool. Deutsche isn’t adding much in the way of people or risk in the United States, rather focusing on trying to get more out of what it has.
What’s different to the pre-2008 go-go days is that the Europeans are no longer trying to buy their way into the big leagues. Deutsche Bank’s $10 billion purchase of Bankers Trust in 1998, which briefly made it the world’s biggest bank by assets, was the last supersized attempt at a U.S. land grab. A decade earlier, Credit Suisse bought First Boston and Donald, Lufkin & Jenrette, deals that will effectively be reversed when the troubled Swiss outfitits investment bank.
They key to regaining that home advantage is making sure domestic companies and investment firms don’t have their heads turned by flashier Wall Street peers. That, in turn, means having a sizeable business in the United States. BNP, Barclays and Deutsche are all trying to win European clients whose trade with the United States puts them in the crosshairs of JPMorgan and its cohort. That, some senior bankers say, is now the driver of the U.S.
That argument may also resonate with the bloc’s money-managers and fee payers. In an ideal world, a Dutch pension fund or corporate titan like Siemens might like to forge deeper ties with local banks. Deutsche and others are making that an easier call now, by showing a commitment to trading and investment banking after years of chopping and changing. The end of negative ECB rates should turbocharge retail-banking businesses, giving the Europeans more firepower for trading and underwriting.
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