FX poll 2000: Deutsche Bank's great victory
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FX poll 2000: Deutsche Bank's great victory

For 20 years, ever since Euromoney began its annual foreign exchange surveys in 1979, Citigroup came top. Now Deutsche Bank has dislodged it by a convincing margin. While critics accuse Deutsche of buying its way into the business with huge salaries, the real reason is its global markets model that brings together commercial and investment banking. Over the past year interbank forex flows fell while M&A and institutional business grew, favouring investment banks and those that combine both functions. Philip Moore reports; research by Andrew Newby.

Euromoney FX poll 2000: Deutsche topples Citi 

The banker who says he is "gobsmacked" by Deutsche Bank's success in this year's annual foreign exchange poll ought to have read Euromoney in 1991. While a report then dismissed the German and Swiss banks as being "still basically niche players with a second-tier overall reputation", it also warned of an important shift of power within foreign exchange dealing rooms. "The long-term results," we forecast, "will be a redistribution of power towards the Europeans at the expense of the US commercial banks."

It has taken nine years for this forecast to be realized, and it is still only partly accurate. Although Bank of America has dropped out of the top 10 this year, Citigroup and the old Chemical Bank (reinvented within the Chase empire) remain formidable players, and have both increased their market share in 2000.

The problem is that neither of these banks has expanded its share half as much as has Deutsche Bank. And while some observers claim not to be surprised by the German bank's triumph this year, the margin of its victory - its total share has risen from 7.12%

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