Deutsche Bank hiring 100 staff to boost equities trading-source
By Olivia Oran and Arno Schuetze
LONDON/FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE: Quote) is hiring about 100 people to boost its equities trading operations as it seeks to recover ground in an area seen as vital to its new strategy, a source familiar with the matter told Reuters.
The move comes as Deutsche, a traditional bond trading powerhouse, looks to improve profitability by shifting business to less capital intensive areas such as equity trading.
The hiring process, which has started recently, will beef up operations in the United States, Europe and Asia and across product groups, with an emphasis on technology and electronic trading, the source said.
Deutsche is also looking to improve its prime finance department, which helps hedge funds finance their positions, deploying more people and capital to it, a second source said.
A spokesman for Deutsche declined to comment on the firm's strategy. The bank employed 101,000 people at the end of 2015 but did not give a figure for equity trading.
Chief Executive John Cryan has urged investors to have patience as the overhaul of Germany's biggest lender is expected to peak this year, following a record loss in 2015.
He acknowledged in January that Deutsche had lost momentum in equities sales and trading and vowed to invest in the unit, just as European rivals are scaling back their own securities divisions.
Deutsche's revenue from trading stocks fell 28 percent to 520 million euros ($581 million) in the fourth quarter from a year earlier, with a significant drop in equity derivatives weighing while prime services had a positive reading. Continued...