A tough week just got worse.
The bank is the world’s fourth-largest currency trader by market share, sliding from second place in Euromoney’s 2015 ranking after holding the top position from 2005 to 2013.
That’s the second blow for Deutsche Bank in as many days, after Moody’s Investors Service on Monday cut the lender’s credit rating to two grades above junk. The bank is axing jobs, pulling out of countries and dropping clients as it looks to return to profit. Net revenue from the bank’s debt sales and trading team, which includes foreign exchange, slumped 29% in the first quarter from a year earlier, the bank reported last month.
“The overall result reflects a well-flagged shift in the bank strategy that has seen us focus on delivering a better quality of service to a smaller number of clients,” Fabio Madar, global head of foreign-exchange sales in London at Deutsche Bank, said via a spokesman. “We remain committed to maintaining our world-class global foreign-exchange business and we’re making significant investments to further strengthen our electronic and derivatives offering.”
To access the complete Bloomberg News article hit the link below: