Has Deutsche Bank had a particularly bad crisis?
As we noted last week, Deutsche Bank appears to have fared worst out of all banks for post-bonus poaching this year.
According to headhunters, this is reportedly related to the bank's parsimony when it comes to paying bonuses. In areas such as rates in London, Deutsche allegedly paid 20-30% below market for 2009.
However, Deutsche's staff outflow could be more deep seated than a simple failure to pay. The German bank also appears to have substantially lost out in key markets since the start of the crisis in 2007.
According to the report issued last week by Morgan Stanley and Mercer Oliver Wyman, Deutsche has been the biggest loser of market share in FICC sales and trading, with its portion globally dropping from 10.9% in the first half of 2007, to 7.7% in the second half of 2009.
In equity sales and trading, its share fell from 8.4% to 7.3% over the same period. And in IBD it went from 7.2% to 6.9%.
Across investment banking as a whole, Deutsche's share of revenues fell 30%, on a par with Morgan Stanley, but less than RBS (47%) and UBS (52%).
The biggest gainers over the period were HSBC, Goldman Sachs and Nomura.
Are people simply leaving Deutsche because it's not as good as it used to be? Maybe not. A Deutsche bank spokesperson points that the Morgan Stanley and Oliver Wyman figures are for total revenues, including prop trading, which the bank has pulled back from. "Our market share in client facing areas has increased substantially," she adds.
