DB S&T : Why is it the best in London?
Why is DB S&T the best in London (for Fixed Income)?
My friends in Europe choose DB over ML, JPM... why?
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Because Deutsche Bank is a European bank and London is the financial center of Europe. Does this adequately answer your question or am I missing something here?
Your friends chose DB over ML and JPM in London for the same reason you would likely choose ML or JPM over DB in New York.
Dunno whether I agree on that. Although DB is an European bank and certainly has a much bigger presence in Europe than in the US, it is widely accepted that even Europe is mostly dominated by US banks in most fields.
Right, but the question was about a particular "field". Deutsche Bank has the most prominent Fixed Income desk in The City (yes, more so than ML or JPM or any other US bank). The reason this particular strength exists in LONDON rather than NEW YORK (or any other geography for that matter) is because DB is a European bank, not an American one.
This was a specific question about a specific desk. The question wasn't "which banks dominate Europe?". If it were, then this would be a different conversation.
DB has one of the strongest S&T divisions.
valueadd you're doing a good job of stating the obvious:
European banks are stronger in London than they are in New York because they are European.
That's a really astute observation you're making there. At the same time, your argument
is not correct.The relative strength of DB over say JPM in fixed income in London is greater than JPM's relative strength over DB in NY.
I believe this is due to Ackermann. He has successfully made DB a FI powerhouse by building up the prop side of the business and by consistently paying the important guys very well. This means that the top innovators and performers have stayed together for many years allowing DB to dominate FI in London.
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