The Financial services giants, Deutsche Bank (DB) and BNP Paribas announced the completion of the transfer of global prime finance & electronic equities to BNP Paribas today. According to Deutsche Bank, the transfer received full support from the management.
Over the course of the past 24 months, BNP Paribas has transferred more than 900 staff internationally from the German bank. According to the details shared by the companies, the transfer was completed within the targeted timeline.
“We are delighted to have completed this global migration on schedule. By leveraging the strengths of the integrated platform, BNP Paribas is well-positioned to be the leading European Prime Services player on the global stage, establishing the new standard in prime services and electronic equities for institutional investors and corporate clients across the world,” Olivier Osty, the Head of Global Markets and a member of the Executive Committee at BNP Paribas, commented.
In December 2021, BNP Paribas announced that it is planning to exit from the US market.
Collaboration
According to Rebecca Short, the Chief Transformation Officer and a member of the Management Board of Deutsche Bank, the latest transfer was a result of collaborative efforts between the two teams. Deutsche Bank aims to achieve sustainable profits in the future.
“We are pleased to have completed this complex transition on schedule. It is the result of strong and sustained collaboration between both teams who worked seamlessly to provide continuity to clients as well as a significant number of employees. With this, Deutsche Bank has achieved a key milestone in its ongoing transformation that is seeing it re-focus its business to become sustainably profitable,” Short said.
In the third quarter of 2021, Deutsche Bank reported a jump of almost 15% in profit before tax. The bank’s net income reached €329 million during Q3 of 2021, which is a spike of almost 6% compared to Q3 of 2020.
