BNP's prime brokerage cope with Deutsche might switch as much as 1,000 workers

PARIS/FRANKFURT (Reuters) – Deutsche Financial institution’s (DBKGn.DE) deal to switch its prime brokerage enterprise to BNP Paribas (BNPP.PA) may see the transfer of as much as 1,000 workers from the German lender to the French financial institution, a spokeswoman for BNP stated on Monday.

The 2 banks introduced on Monday that they’d reached an settlement that goals to smoothe the switch of the enterprise, which serves hedge funds.

Underneath the settlement, Deutsche Financial institution will proceed to function the platform for international prime finance and digital equities purchasers till the purchasers will be migrated to BNP.

Deutsche Financial institution stated in July it had struck a preliminary settlement with BNP masking the enterprise as a part of its 7.four billion euro ($8.16 billion) overhaul.