Foresight or desperation? The two sides of Deutsche Bank’s equities exit
Deutsche Bank’s decision to exit equities but continue with ECM is a startling move, but it reflects the reality of the industry as much as it does the bank’s own uncomfortable position.
Deutsche Bank's headquarters in Frankfurt
Who said this, and when?
“One of the issues we’ll have to think about is how big our sales force should be. The industry is changing, and I’m not convinced we need a sales force as big as our major competitors. People will start to focus on how expensive it is to have a fully fledged distribution system.”
If you thought that, then you have the right firm, but the wrong person.
It was in fact Edson Mitchell, former head of global markets at what was Deutsche Morgan Grenfell, speaking to Euromoney in 1996.