Mark Gilbert , Columnist

Deutsche Bank's Infighting Has a Cost

The bank is losing market share in areas it once dominated.

April 4, 2018 at 10:50 AM UTC

Mark Gilbert is a Bloomberg Opinion columnist covering asset management. A former London bureau chief for Bloomberg News, he is author of “Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable.”

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As Deutsche Bank AG hurries to rearrange the deckchairs in its boardroom, the firm is losing market share in some of its most important investment banking divisions. If something doesn't change soon, there won't be much of a business left for its new directors to oversee.

In international bond underwriting, the largest fixed-income category for which Bloomberg compiles league tables, Deutsche Bank's market share slumped in the first-quarter to its lowest since the data begin in 1999. Back in 2012, a record year for international sales, the German lender commanded 6.66 percent of the market, second only to JPMorgan Chase & Co.'s 7.5 percent.