by Marilyn Spearing, Head of Trade Finance and Cash Management Corporates, Deutsche Bank Global Transaction Banking
Marilyn Spearing, Deutsche Bank’s Head of Trade Finance and Cash Management Corporates, gives her views on 2008 and the prospects for the Global Transaction Banking division in 2009.
How did GTB fare in 2008 and how is it now positioned?
Despite the ongoing turmoil in the financial markets and a difficult year for banking generally, transaction services have been one of the few success stories. And with interest rates reaching record lows and ongoing concern about the integrity of some short-term investment vehicles, efficient cash management has taken on a greater importance for many corporates. Likewise, trade finance and financial supply chain management are also enjoying their day in the sun as an alternative source of working capital funding.
However, even in the context of a renewed focus on transaction banking, GTB fared particularly well in 2008. The end of the year was our 16th consecutive quarter of growth and we comfortably exceeded our publicly stated profit targets. Of course, despite a good year, there were significant challenges to be overcome for all financial institutions. By staying focused on our four key areas – clients, markets, solutions and talent – we negotiated the turmoil well and delivered for our clients.