Deutsche Bank has won first place overall in Euromoney’s annual FX survey for an unprecedented seventh year in a row, further cementing the Bank as the world’s leading FX franchise.
The Bank dominated the market share tables throughout the poll, the results of which were announced earlier this month, taking first place in 10 of the 12 individual categories that assess product, clients and geographical reach.
This global success has been echoed in the local Channel Islands market place. In Jersey, whilst many local treasury teams work within the parameters set by their parent business, Deutsche Bank’s Treasury desk retains absolute autonomy whilst at the same time affording a global reach through its Group’s Global Markets platforms. This was doubtless a contributory factor to the Bank being named Best FX service provider in Jersey in Euromoney’s 2011 Private Banking Poll in February.
The announcement from Euromoney came hot on the heels of Deutsche Bank’s global results for the first quarter of 2011 when the Bank announced net income of €2.1bn, matching Deutsche Bank’s best ever quarter. During the same period, the Bank lowered its risk profile in investment banking and improved its core capital ratio to 9.6%.
In the Channel Islands, Chief Executive Andreas Tautscher commented on the local franchise results, saying:
“Profit before tax for the first quarter was €2.5m, up from €1.3m, an 84% increase on the same period last year. Revenue growth has been particularly strong in our Alternative Funds Services division and we continue to see significant levels of activity in this area.”