After reducing the value of Numis following a takeover, Deutsche Bank has decided to shut down the US operations.
The German lender will merge its New York headquarters with Numis Securities, a US subsidiary.
Numis employs 12 people in its US office. Half of these will be moving to Deutsche Bank, while the rest will receive jobs at other banks.
This is Numis’ latest reshuffle as it seeks to stamp its mark on the company since 2023, when the German lender took over.
Deutsche purchased Numis in April 2023 for £410m and renamed it Deutsche Numis.
In February of this year, it reduced the estimated value by €233m.
These impairment charges are often incurred when companies overpay for an asset.
James von Moltke said that the impairment is not an indication of overpayment by Deutsche.
The US action is part of a broader shake-up carried out by Deutsche .
The German bank has moved Numis UK analysts to its new London offices, while 15 members from Deutsche’s equity team have been transferred into Numis’ offices.
Numis Europe’s European Union Stockbroking Operation in Ireland is also closing.
This operation was established two years ago in order to continue to provide services to EU customers. The staff will be transferred to the Frankfurt office of Deutsche.
Deutsche Bank Ireland will continue to be a separate entity.
Since its takeover of Bankers Trust in 1999, Deutsche has been a major player on Wall Street.
Numis entered US market in 2004, but its presence was muted due to the focus it had on smaller UK firms.
The company’s new clients include Coca Cola Europacific, a drinks bottler.
The Numis US Equities team is about five times as large as the Deutsche US Equities team.
A spokesman for Deutsche Bank said that the US has changed. “Deutsche Bank’s equity platform is dynamic in the US and includes equities distribution as well as equity capital markets, research, and equity capital market.
We remain committed to the business, and we are confident that with Numis colleagues joining our team, we will be able to continue to provide an excellent level of service for all clients, new and old, in the US.
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