Men walk past a logo of Deutsche Bank AG in Tokyo September 9, 2013. Japan's securities market watchdog is investigating whether Deutsche Bank AG employees provided excessive entertainment to Japanese pension fund executives in breach of regulations, sources with knowledge of the matter said. To match Exclusive DEUTSCHE-JAPAN/PROBE REUTERS/Toru Hanai - GM1E9991GGZ01
HONG KONG - There’s an old joke that if you can see a bandwagon, you have missed it. Deutsche Bank is looking to boost its tiny Asia equity capital markets business, Bloomberg reported on Wednesday, right after the region clocked up a record $510 billion-worth of deals for a 12-month period, per Refinitiv data. Bull markets don’t roll on forever. But there may yet be money to make – if the $26 billion German lender sticks to its restrained approach.
The bank wants to add up to 12 people in various Asian locations, Bloomberg reported on Wednesday. That would still leave the team substantially smaller than it was before Chief Executive Christian Sewing slashed 18,000 jobs around the world almost two years ago. Deutsche ranked 47th in Asia-Pacific for ECM last year, per Refinitiv, having been third as recently as 2016 when it duked it out with the likes of Goldman Sachs and UBS.
The attraction of the equity capital business is that it accounts for 38% of Asia’s investment-banking fee pool compared with a quarter globally. It’s also, though, seen as a scale game needing research, sales and trading in each country as well as the advisory nous to pull off landmark deals for clients. A longstanding rule of thumb among the region’s bankers is that the top-three players are profitable, the next three cover their costs while everyone else loses money.
Those outside the ECM bulge bracket have in recent years become more disciplined about dropping unprofitable clients. Barclays, another to retreat from Asia via mass layoffs before quietly returning, axed almost a third of its clients back in 2016. Such moves are reflected in the average number of bookrunners, which has fallen to 9 this year for big Hong Kong initial public offerings, from 16 in 2016, according to Dealogic.
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