A new pecking order emerges in this year's definitive guide to the top-flight in finance. Deutsche Bank heads up the rankings, boosted by its acquisition-based charge into investment banking. Its $10 billion purchase of Bankers Trust, completed in June, continues the refocusing on corporate and institutional clients (GCI) that contributed over half of Deutsche's six month profits in the year to June. The bank is particularly strong in trading debt, derivatives and currencies. Weaknesses remain in equity research, Asian equity and M&A - areas in which second rankedMerrill Lynch still tops or is near the top of the league tables. After recent traumas Merrill has improved its debt underwriting score but is still let down by its lack of presence in the European short-term paper market and in risk management.
Morgan Stanley Dean Witter has climbed in the overall rankings thanks largely to its role as second most active underwriter...
