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US banks rush in as Deutsche and its rivals cede their home turf

Deutsche Bank’s massive downsizing comes as Europe’s biggest financial players shrink their ambitions

The decline of Deutsche Bank and other former European financial powerhouses has left a gaping hole in European banking. US banks are filling the void, strengthening their stranglehold on the region.

Deutsche Bank’s announcement Sunday that it would cut 18,000 jobs and shut its global equities sales-and-trading business is the latest sign of how European banks are struggling. As Europe’s banks have retreated, US banks are dominating.

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