Deutsche Bank is set to transfer up to 800 staff and its hedge fund-servicing prime brokerage unit to BNP Paribas in a deal expected to be worth tens of billions of euros.
A formal agreement is expected to emerge in the coming weeks with Deutsche's clients set to receive letters outlining the practical implications of the transfer, according to the FT. Deutsche Bank plans €50bn 'bad bank' as part of restructure - reports It follows a preliminary agreement announced last month, which was designed to "provide continuity" to the struggling German bank's clients and could boost BNP's presence in the lucrative prime brokerage space. Deutsche's share price has fallen by around 35.5% over one year to 22 August with the bank reporting poor performance and lo...
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