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Deutsche Bank’s 2023 hiring isn’t making a difference (yet)

Deutsche Bank is hiring bankers – but it’s still losing market share.

Data for the first nine months of 2023 from market intelligence provider Dealogic shows that, despite the German bank’s addition of over 50 senior bankers this year, it's not doing all that well, particularly in the all-important German market where it aspires to be the 'Hausbank'.

Deutsche's Investment Banking (IB) revenue in Germany was down, from $142m to $127m. And with total revenue generated in the country growing by 5% (the only significant EMEA market to grow whatsoever), the disappointment was doubled. - Deutsche's share of German revenues also tumbled, from 8 to 6.8%.

Something similar happened in German M&A, where Deutsche's revenues fell from $52m to $37m, and its market share went from 5.8% to 4.5%.

Deutsche's redeeming feature for the first three quarters was its IB revenues for the EMEA region as a whole where, despite a 15% drop in revenues (from $443m to $375m), it managed to slightly increase its market share from 2.9 to 3%.

Who have been the winners in Deutsche Bank’s retreat? In Germany, it’s Goldman Sachs and Morgan Stanley, who managed to increase both their overall revenues and market share across both M&A and IB.

Deutsche has been hiring a lot this year, particularly from Credit Suisse and particularly in investment banking, although it's also been replenishing its rates trading desk.

Deutsche CFO James von Moltke said last month that the bank has “a lot of work to do” when it comes to rising costs. He added that fixed income revenues would likely fall compared to last year's exceptionally strong third quarter, which could be a problem given that investment banking revenues seem to be down too. 

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AUTHORZeno Toulon

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