In 2019, Deutsche Bank left equities sales and trading and put its markets business behind fixed income. Six years on, and Asia-Pacific is where that bet has paid off most clearly. In 2025, the bank’s APAC fixed income revenues grew 16%, ahead of 13% growth for its fixed income business globally. Trades generating more than $1 million in sales credit rose 9% year-on-year.
“Since our exit from equities trading in 2019, we have been concentrating our resources and investments into fixed income,” says Tamio Honma, head of the institutional client group for APAC and chief executive of Deutsche Bank Japan.
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