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Jun 04, 2020 PRINT EDITION
Business

Deutsche Bank to transfer up to 800 people to BNP in prime brokerage deal

FRANKFURT: A deal in the works for BNP Paribas to assume the prime brokerage operations of Deutsche Bank will involve th

August 23, 2019

FRANKFURT: A deal in the works for BNP Paribas to assume the prime brokerage operations of Deutsche Bank will involve the transfer of up to 800 people, a person with knowledge of the matter said on Friday.

Deutsche Bank said in July that it had struck a preliminary agreement with BNP for the business that serves hedge funds as part of its 7.4 billion euro ($8.19 billion) overhaul, but details on personnel and the timing of any final deal were not given.

The person, speaking on condition of anonymity, said that the agreement may be finalised within the coming weeks, confirming news first reported in the Financial Times.

BNP and Deutsche Bank declined to comment.

Copyright Reuters, 2019