Deutsche Bank aims to remain in the 'bulge bracket' ?

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If Europe needs a big global investment bank, this firm thinks it can fit the bill.

Paul Achleitner, the chairman of Deutsche Bank, believes Europe needs a global investment bank to support the region's companies that can measure up to rivals in the United States.

Reuters reports that for that reason, Deutsche on Monday asked shareholders for $10.95bn to help the bank keep its place in the shrinking 'bulge bracket' of big investment banks that includes JP Morgan, Goldman Sachs, Citi and Morgan Stanley.

While other European banks such as UBS are scaling back in investment banking, Deutsche remains the only European investment bank to have avoided wholesale job cuts and the only one aiming to represent European companies in the capital markets worldwide.

'Our continent is at a turning point where it needs to decide whether it wants to belong to the champion’s league of financial markets participants', Achleitner said earlier this year.

To access the complete Reuters article hit the link below:

Deutsche Bank chairman leads battle for the bulge bracket

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