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Western Europe

Best bank
Deutsche Bank Best debt house
Deutsche Bank

Best equities house
UBS

Best M&A house
Morgan Stanley

Best at risk management
Deutsche Bank

Best at cash management
ABN Amro

Best at investor services
JPMorgan

Most improved debt house
SG CIB

Bankers in western Europe have developed a new hobby: bashing Deutsche Bank. Debt, equity and even foreign exchange executives at other firms often insist that Deutsche manages to stay at or near the top of league tables by using its balance sheet to snag business it would not otherwise win.

This argument is wearing thin. For one thing, in a low interest rate environment, any bank can afford to lend to key clients. For another, Deutsche has reduced its lending substantially over the past few years.

“A lot of people say Deutsche Bank buys its way into business, but we have been public about reducing our risk-weighted assets,” says David Fass, global co-head of debt products. “We have been number one in debt business from 2001 to 2004 and we have not been buying business. In fact, we have contracted our loan book by 45%.” Over the past year, it has reduced its loan exposure by 13% to e149 billion.

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