Where is Deutsche Bank Now?

Based on the most helpful WSO content, Deutsche Bank has historically been recognized for its strength in certain areas of Sales & Trading (S&T). Specifically:

1. Best Flow and Financing Desks:

   • Deutsche Bank is noted for having one of the best rates desks on the street.
   • They are also very strong in FX (foreign exchange), which has been a standout area for them.
   • In credit, they are solid in investment-grade (IG) and high-yield (HY) credit.

2. Strengths in S&T:

   • The bank has been committed to its S&T arm, even aggressively adding traders in the past when other European counterparts like Barclays were scaling back.
   • Their structured credit business and certain fixed-income areas have been strong historically.

3. Comparison to Top Players:

   • While Deutsche Bank has faced challenges over the years, including restructuring and reputation issues, their S&T division remains competitive in specific niches like rates and FX.
   • However, they are generally weaker in equities and commodities compared to some of the top-tier players.

Overall, Deutsche Bank's S&T division has maintained relevance in key areas, but its position compared to top players like JPMorgan, Goldman Sachs, or Morgan Stanley may vary depending on the specific product or market.

Sources: Deutsche Bank 2018 --- Top groups, Exit opps, Pay (Bonus)?, Best Banks for Sales and Trading?, Different Desks on the trading floor, The Future of Deutsche Bank?, HF exits from macro vol desks?