Deutsche Bank Shifts Prime Brokerage to BNP With 1,000 Jobs (1)

Deutsche Bank AGfinalized a deal transferring its business with hedge fund clients to BNP Paribas SA as part of the German lender’s historic retreat from investment banking.

About 1,000 Deutsche Bank employees will move to the French rival through 2021, according to people with knowledge of the matter. Ashley Wilson, one of two executives at the German bank overseeing the disposal of unwanted assets, will head the business during this period and may eventually leave to run the combined unit at BNP, the people said, asking not to be identified as the matter is private.

Christian Sewing

The volume ...