Earlier this year, when Deutsche Bank first outlined its plans to integrate its investment banking unit, DMG, more closely into the bank, Frank Quattrone, high-profile head of DMG technology asked the Deutsche Bank Vorstand members responsible for DMG to sign a letter reaffirming the bank’s commitment to the investment-banking business, for Quattrone to show to his clients. They were surprised by the request but complied when Quattrone assured them that it was not so unusual in the investment-banking world.
But it proved to be an empty gesture.
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