Why deutsche bank is different

Investors, for the moment, seem to be buying into the story. The importance of that is clear from the broader numbers. Deutsche Bank chief executive Christian Sewing has for some time been signalling that he would need to shed day-to-day responsibility for the overall corporate and investment bank, which he has had since announcing the restructuring, when former CIB head Garth Ritchie left the firm after 23 years. Earlier this year Sewing handed the business over to Campelli.

The rationale was simple enough. The redefinition of the investment bank was done and had become clear to the outside world. Its financial results were back on track. And Sewing had plenty of other demands on his time. Campelli, meanwhile, had realized that at least some of the work he was doing would now be better executed from inside the operating divisions rather than alongside them. Although Campelli has passed over his group-wide transformation responsibilities to Rebecca Short, who was head of group planning and performance management, he knows that much of his time will be spent thinking about how to carry his previous focus over into his new role.

Stretching from back office to front office, this last area is the one where Campelli thinks he will be best placed to help by now being embedded in the business.

Deutsche might have made great strides in simplifying its operations — former chief executive John Cryan often used to rattle off to analysts the number of legacy systems the bank had retired in any given earnings period — but there is still much to do.

Picking one particular system out of several that are doing similar back or middle-office tasks inevitably means some people will be unhappy.

But it will be easier now that he is running the show. And here the bank thinks its client intensity strategy is paying off. As far as Campelli and his team are concerned the debate about how the bank would fare without equities was put to bed long ago.

Careful risk management and quick reactions meant that Deutsche Bank avoided an Archegos hit, despite having some exposure, but the episode still proved the point. It suits him to say this, of course, but to judge by results in fixed income and in equity capital markets — the latter being the area that rivals often said Deutsche would be unable to sustain — Campelli has numbers on his side.

And while its European bookrunner ranking remains low — at 12th so far this year with a market share of about 2. And Fedorcik is confident that it is a platform on which to build. In the last four quarters the bank has gained share in FX, credit and rates , and sits just above Morgan Stanley and just below Bank of America in absolute size, having dropped smaller in the previous period.

Nayak also looks at the Sharpe ratio for the business, taking into account its value at risk or stressed value at risk. That is partly why he thinks the performance even during the pandemic year will be sustainable.

He thinks something similar to Fedorcik when it comes to client intensity. But Nayak is shifting that mindset more towards flow, where what matters more is an understanding by the client that the bank will be there consistently.

That posed a unique difficulty for Deutsche, which had embarked on its pre-pandemic transformation with a specific intention to rebalance its portfolio of businesses away from an outsized reliance on the investment bank.

The new-look Deutsche was supposed to be duller and more stable than before, less subject to the earnings volatility of sales and trading businesses that can outperform in one quarter and crash in another.

Fears that Deutsche might weaken itself perilously as the pandemic hit have not come to pass. In the event, however, the More than a year on, CET1 stands at Campelli remembers those days, having begun his Deutsche Bank career in advising financial institutions.

Where the bank could not hope to compete, such as with a small natural resources team in Texas, it stopped trying. Fedorcik agrees. Deutsche Bank's retail banking unit in Spain provides a wide range of financial services for private individuals and companies. In addition to basic transactional products, loans and mortgages, the bank has extensive experience in investment products for private clients and has an open architecture that gives our investment advisors access to more than investment funds, and delivers excellent value to SMEs, especially those with international operations.

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