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This allowed their clients to successfully rebalance portfolios at a critical time of global market stress.
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Leveraging its unique ‘hub-and-spoke’ business model – in which the bank operates onshore in local markets but also offshore in regional centres like Hong Kong and Singapore – it helped clients to sell more than $1 billion worth of total return swaps and credit-linked notes, as well as $500 million in synthetic swaps, across a range of different Asian currencies. Now the preconception of what you can or can’t do remotely has been turned on its head.” Weathering the stormĭuring the Covid-19 crisis, Deutsche Bank was one of the few banks that was able to continue providing 24-hour liquidity on Asian products. “People always assumed that in a major crisis we would move to our business continuity plan buildings. “We’ve never seen anything like this,” says Connolly. While most banks have a dedicated second site for contingency planning, such preparations were of little use during a pandemic. “At the very beginning, it was like a race and we had to help clients navigate the new and unforeseen risks they were facing,” says Connolly.įrom procuring new hardware directly from manufacturers to repurposing existing equipment to adapt to work-from-home policies, operational flexibility, adaptability and agile thinking have been critical, says Connolly.
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Facing unprecedented challenges in the business environment, both staff and clients have appreciated the steady hands that the leadership at Deutsche Bank has been able to provide.Īsia-Pacific chief operation officer Michael Connolly recalls that, even in the early days of the crisis, it was clear that bolstering technology infrastructure was going to be key to weathering the crisis – and speed was of the essence, in order to provide continuity of service to clients. But nonetheless banks have still been thrust to the centre of the stage, with policy-makers expecting them to continue to provide the essential services for economic continuity. Unlike the global financial crisis of 2008, the Covid-19 pandemic that rocked the world at the start of this year wasn’t caused by shoddy practices in the banking sector.