The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Surveys

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%

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree