Barclays to gain share in Deutsche Bank鈥檚 prime brokerage business
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Barclays to gain share in Deutsche Bank鈥檚 prime brokerage business 06 August 2019London Reporter: Maddie Saghir
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Barclays is to gain a share from Deutsche Bank鈥檚 prime brokerage business, sources have confirmed.
This follows the CEO of Deutsche Bank鈥檚, which indicated negotiations are on track for the sale of Deutsche Bank鈥檚 prime finance and electronic equities platform to BNP Paribas.
The negotiation with BNP Paribas came after Deutsche Bank said it is to exit its equities sales and trading business, while retaining a focused equity capital markets operation, as part of a radical transformation.
Meanwhile, it was recently reported that Barclay鈥檚 balances in prime financing grew by some $20 billion over the last month.
Jes Staley, Barclays Group chief executive, commented: 鈥淚t鈥檚 a very attractive business. Its interest accrual business, you earn revenue on Saturdays and Sundays, and so it鈥檚 a very important part of one鈥檚 overall markets business and we have a very strong franchise in prime brokerage, and we look forward to growing it in the future.鈥�
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