It has been a month of changes at Deutsche Bank as it repositions its business and brings in new people.
Its first announcement involved the sale of its custody business to State Street. This was not a great surprise to the market, which had long expected the news, though some people may have been blindsided by the eventual acquirer. Names such as Mellon had been thought to be in the frame.
At press time the deal was still in the discussion stage but it is not expected to fall through.
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