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Deutsche Bank has created a new combined division within its global transaction banking business in an effort to strengthen the service it provides global financial institution, investor and issuer clients.
The bank has combined its trust and securities services (TSS) and cash management for financial institutions units with its financial institutions and securities sales team, to create institutional cash and securities services (ICSS).
The new single business, run by Satvinder Singh – formerly global head of TSS and cash management for financial institutions – combines product, sales and coverage teams for the bank’s institutional cash, investor and issuer services businesses globally.
Satvinder Singh, head of Deutsche's ICSS business
Deutsche says the creation of the ICSS business, which has around €1.7 trillion of assets under custody, is unique among global universal banks, including Citi, Bank of America Merrill Lynch, HSBC and JPMorgan.
Deutsche says combining the businesses into one will make it simpler and easier for its clients to interact with the bank across its sales, product and coverage teams. It would not comment on whether there would be job losses due to the reorganization.
The broader strategy is about increasing collaboration between businesses within the GTB division as well as across Deutsche’s banking businesses. Greater collaboration between business divisions is crucial for global universal banks to enhance the service they provide clients globally, which should, in turn, help capture greater wallet-share.