Bankers at Goldman, JPM, Citi and even Jefferies might want to bear that in mind when they’re agreeing targets and budgets over the next cycle. What’s clear, though, is that Wall Street firms will not find it anything like as easy to dominate the rankings in Europe in the next cycle. The difference between BNP and DB is in their relationship to the equity market – Deutsche shut down trading to concentrate on research and capital markets, while BNP will no doubt see its dominant position in equity derivatives as a franchise to leverage into cash equities. It helps that although Paris and Frankfurt are much more equivalent financial centres than they used to be, Deutsche probably has a stronger hinterland in terms of its relationships with the German corporate sector. On the other hand, competition is in Deutsche’s DNA although the days of Anshu Jain and “the Goldman of Europe” are in the past, there’s a natural swagger which even the cost-cutting program doesn’t seem to have destroyed. On the one hand, BNP has some structural advantages – it has a domestic retail franchise which is a reliable cash cow, for example. It could be a fascinating struggle for outsiders to watch. The plan was described as “not completely mad” when it looked like a two-horse race against Barclays – if Deutsche are also challenging for the same title, the path to the top becomes considerably more complicated. But it might not be such great news for ambitious employees at the likes of BNP Paribas.Īfter all, received wisdom in the industry is that there is room for exactly one bulge-bracket scale player in Europe, and at the start of the year, BNP were making it perfectly clear that this was their ambition. This might be seen as a message of hope for bankers at Credit Suisse, who can take comfort in the idea that even the darkest of times don’t last forever, and that if you can hold on to your job through the cost-cutting, you can get back into contention. Going out into 2023, he expects to continue to hire bankers, and challenge “for the next M&A boom, which might be in three or four years”. Having been understaffed in the 2021 boom, Deutsche has added coverage bankers, and used the less hectic market conditions to re-engage with clients and rebuild the franchise. Rather than a drought or a disaster, he regards the 2022 deal environment as a “pause” which has “come at a good time for us”. As that cost-cutting program reaches its conclusion, though, a leaner and sharper Deutsche is apparently getting right back on the front foot, with Henrik Johnsson (Co-Head of Capital Markets and European Investment Banking) giving an interview in which he makes it clear that they want to recover the top league table position they lost to JPMorgan in 2016. It’s less than four years since Christian Sewing had to write emails of admonishment to Deutsche MDs for getting fitted up for fancy suits while thousands of their colleagues were being made redundant. *The term "trade" for finding out whether to submit a return means every profession, trade, business, calling, occupation or venture, including the letting of any property but excluding any employment.Fortunes change. Did you receive an Income Tax Return or were you asked to submit an Income Tax Return for the tax year?.Do you hold any participation rights in a Controlled Foreign Company?.Was any income or a Capital Gain from funds in foreign currency or assets outside the Republic attributed to you?.Did you have Capital Gains or Capital Losses exceeding R40 000?.Did you hold any funds in foreign currency or assets outside South Africa that have a combined total value of more than R250 000 at any stage during the tax year?.Did you receive an allowance such as a travel, subsistence or office bearer allowance? Check your IRP5/IT3(a) if unsure.If you are a South African tax resident, did you conduct any trade or employment outside South Africa?.Did you conduct any trade * in South Africa?. ![]() Do any of the following apply to you for the tax year 1 March 2021 to 28 February 2022?
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