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Deutsche Bank seeks to rejoin key gold trading club in London
By Eddie Spence and Steven Arons
Friday, December 9, 2022
Deutsche Bank has applied to rejoin the London Bullion Market Association -- the world's foremost standard setter for gold trading -- as the German lender seeks to expand its trading unit.
The LBMA application "brings us into line with other banks that offer precious metal services," Deutsche Bank said in a statement today. "It reflects the careful growth of our precious metals business in recent years, and growing client demand for our services."
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The move, potentially cementing the bank's status in precious metals, is part of trading head Ram Nayak's effort to maintain momentum at Deutsche Bank's fixed-income business. Nayak's unit has been the lender’s biggest growth driver over the past three years and key to Chief Executive Officer Christian Sewing’s turnaround strategy. ...
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