Deutsche Bank's use of Algomi in the US under review
Deutsche Bank is said to be considering disengaging with bond trading network, Algomi, in the US. The news follows the departure of Stephen Gallagher, the head of Algomi's US business, last November, a 10% reduction in staff, and losses totalling £13.6m since the firm was founded in 2012. It is understood the bank plans to continue using the platform in Europe.

Algomi is a fintech startup that runs a social network of sorts for bond buyers and other bond market participants. It disseminates information to traders, salespeople, and investors, working with almost 200 buy-side clients, according to Business Insider, and more than 15 investment banks.

Once seen as the next "unicorn" - a term used to describe a startup with no real performance record that is valued or estimated to be valued at more than $1 billion - it had ambitions of making its mark in the U.S., when Deutsche Bank all but stopped using its service in the US.

Related Link: Cramer Says This Recent IPO Is A 'Unicorn Fantastic Company'

Though it continues to use Algomi in Europe, a person familiar with the matter said the bank is evaluating the use of Algomi in the U.S., according to Business Insider.

In addition to having such a high profile client virtually stop using their platform in the U.S., Algomi's head of U.S. business left in November of last year and still hasn't been replaced.