Deutsche Bank Begins a Massive Transformation - Cuts 18 000 Jobs

Despite… the EU? German Bank Slashing 18,000 Jobs in ‘Restructuring’		74 Thomas Lohnes  GettyBREITBART LONDON7 Jul 2019

Some said they were told their passes would stop working at 11am.

Meanwhile, the cost of insuring exposure to Deutsche Bank's debt through 5-year credit defaults swaps (CDS) fell by 3 basis points (bps) from Friday's close to 61 bps, data from IHS Markit showed.

A bank spokeswoman would not comment on specific departures but said the bank would be communicate directly with employees and would be "as responsible and sensitive as possible implementing these changes".

The bank said it will fund its transformation within its existing resources, meaning it won't pay common equity dividends for 2019 and 2020.

Mid-market investment banks may look to hire some individuals, they said.

'I am very much aware that in rebuilding our bank, we are making deep cuts.

Despite the bursting of the housing bubble and the near-implosion of the global financial sector, Deutsche avoided a government bail-out and continued to push ahead with its focus on investment banking. However, it has struggled to compete with USA rivals, hampered by regulatory investigations and litigation.

The aim is to focus on areas where the bank is among market leaders and on businesses with steadier earnings such as serving corporate customers. However, some shareholders have pushed for a full US retreat.

Deutsche said that it would also cut its fixed income operations, especially its rates business.

Deutsche Bank's move into investment banking dates back to 1989, when it took over Morgan Grenfell, and the 1999 takeover of Bankers Trust. That would put it in the red for four of the past five years after a series of damaging setbacks.

Germany's biggest bank said on Sunday that it would exit its global equities business and slash 18,000 jobs by 2022.

Detained migrants shown pleading for help in released US government photos
Last week, Congress passed a $4.6 billion emergency aid package to improve conditions at temporary shelters housing migrants . A secret Facebook group for Border Patrol agents that included sexually explicit posts has put the agency on the defensive.

"I was terminated this morning".

The Balls Brothers pub nearby was doing a brisk trade by early afternoon. The unit, which accounts for roughly half of Deutsche Bank's revenue and which was the cause of its decline, will be broken in two.

The bad headlines continued this year when two USA congressional committees subpoenaed Deutsche Bank documents as part their investigations into President Donald Trump and his company.

He added, "We have a talented and dedicated team at the helm to relentlessly execute what we promise today and to create a sustainably profitable bank".

As many as 18,000 Deutsche Bank employees could receive unexpected pink slips. But the person also said most of its mergers and acquisitions (M&A) team was not immediately affected.

Its investment banking team for the Asia-Pacific region had about 300 people before the cuts, of which 10 per cent to 15 per cent will be laid off, nearly all in its ECM division, said a senior Asia banker with direct knowledge of the plans. Deutsche Bank is now a Zacks Rank #4 (Sell). "In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world".

"For the moment investors are giving them the benefit of the doubt that it may work and that it is substantial", said Matthew Rees, a portfolio manager at Legal & General Investment Management.

Several workers were seen leaving the offices holding large envelopes with the bank's logo.

One senior banker, still in a job, questioned how well the slimmed down franchise in Asia would compete.

He said: "News of prime minister Theresa May's resignation signalled a potential shift in Brexit negotiations in the months ahead, but with no new leader in place, these negotiations remain at an impasse".

Related News:

  • Arsenal Transfer Reserves Are Higher Than First Thought

    Arsenal Transfer Reserves Are Higher Than First Thought

    Arsenal are reported to be in for both players but Seaman believes Kieran Tierney should be the priority and stated his case why. And do Arsenal really need Zaha when they have Pierre-Emerick Aubameyang, an outstanding striker when he decides to play.
    Solskjaer issues strong warning to Man Utd players ahead of preseason

    Solskjaer issues strong warning to Man Utd players ahead of preseason

    He related the situation to how he felt as a player with United during the Alex Ferguson era. The 26-year-old will also be hoping that United accept the deal.
    China To US: Drop Tariffs Or No Trade Deal

    China To US: Drop Tariffs Or No Trade Deal

    China is apparently clear and consistent in its requirement, with no room for negotiations regarding the matter. This is one of the US's requirements for reaching a trade deal.
  • Marko Arnautovic in £22.5 Million Move to Shanghai SIPG

    Marko Arnautovic in £22.5 Million Move to Shanghai SIPG

    West Ham's initial reaction was to tell the Austria global , who signed a new deal five months ago, to honour his contract. In real terms, there was not much difference between Wolves in seventh and West Ham who eventually finished 11.
    Multiple People Reported Injured After Gas Explosion at Florida Shopping Center

    Multiple People Reported Injured After Gas Explosion at Florida Shopping Center

    A vacant restaurant exploded in a Florida shopping center Saturday, damaging neighboring businesses and sending debris flying. Another 15 to 20 people had injuries that were not life-threatening. "We know that there were two that were serious .

    Sony launches WF-1000MX3 ture-wireless earphones with noise cancellation feature

    Aimed at travelers and commuters, the WF-1000XM3 buds are specifically designed for improved comfort and stability in the ear. The earbuds' Dual Noise Sensor technology harnesses its new HD Noise Cancelling Processor QN1e - to "catch and cancel noise".
  • Erdogan says Turkish cenbank chief ousted for refusing rate cuts

    Erdogan says Turkish cenbank chief ousted for refusing rate cuts

    The Turkish President Recep Tayyip Erdogan has dispatched the head of the Central Bank by decree. The Turkish lira has lost 10 percent of its value against the dollar this year.
    New Zealand in semis as Pakistan fail to win by 308 runs

    New Zealand in semis as Pakistan fail to win by 308 runs

    Sarfaraz Ahmed-led Pakistan know that they are very much out of the contention for a semifinal spot now. I want to say sorry for Shakib, if we stepped up, the tournament could've been different.
    Netherlands to face U.S.  in final

    Netherlands to face U.S. in final

    Both teams felt the pressure knowing the victor would face the No. 1 ranked and undefeated US team on the field Sunday, July 7. The Netherlands , the reigning European champion, has lived on the edge, though, with three of its five wins coming by a goal.
  • Aguirre 'responsible' for Egypt's Cup of Nations fiasco

    Aguirre 'responsible' for Egypt's Cup of Nations fiasco

    Former Black Leopards head coach Dylan Kerr has urged South Africa to play without any fear against Egypt on Saturday. Salah missed training on Thursday with a cold but is expected to play in the hosts' last-16 tie against South Africa .
    Lampard is edging nearer a return to Chelsea

    Lampard is edging nearer a return to Chelsea

    By all accounts, Frank Lampard is within touching distance of completing a return to Chelsea as their new manager. The former England midfielder has had permission to speak with the Europa League winners since last Tuesday.
    Facebook and Instagram Can't Seem to Keep It Together

    Facebook and Instagram Can't Seem to Keep It Together

    Facebook's " Platform Status " page, meant to track problems with the site, showed that its service "is Healthy". "We're aware that some people are now having trouble uploading images, videos and other files on our apps".

Most liked

Wimbledon 2019: High hopes for Coco Gauff after astonishing Wimbledon run
Until this year, world number 66 Humbert had never played a grass court match either as a junior or professional. Barty is coming off a title at the French Open last month, her first Grand Slam singles title.

Karnataka coalition hangs by thread, 2 more MLAs exit
It is they who are actually running the coalition, which was [anyway] against the mandate of the people. He also requested all the rebel MLAs to reconsider their decision and "strengthen our government".

Antoine Griezmann refuses Atleti return citing ’emotional stress’
Barcelona also introduced Frenkie de Jong, the 22-year-old midfielder who was signed from Ajax earlier this year for 75 million euros ($84 million).

‘Copycat’ ice cream licker arrested for tainting Blue Bell at grocery store
In 2015, three deaths linked to a listeria outbreak in Blue Bell ice cream led to a full product recall. Hello! We want to thank our consumers for alerting us to the recent food tampering incident.

Infantino Hails France 2019 Women’s World Cup, Plans Tournament Expansion
Women's World Cup 2019: Ex-USWNT coach thrilled former American star Sarina Wiegman leading Netherlands in final against U.S . There are already nine countries interested in bidding, including recent men's World Cup hosts Brazil and South Africa .

'Iran Must Seize UK Oil Vessel If Tanker Not Released'
The Iran nuclear deal dispute resolution mechanism will not be triggered for now, said a source at Macron's Elysee office. The IAEA has repeatedly said it is up to the parties to the deal to decide whether there has been a breach of its terms.

AMD’s Navi RX 5700 Graphics Getting New Prices
According to Gadgets 360 , these GeForce RTX Super GPUs are expected to hit store shelves on July 9. Even more, the company will also sale a bundle of RTX Super cards, including two brand new games.

Jeffrey Epstein arrested in NY , charged with sex trafficking
Epstein is alleged to have had girls invited under the pretext of massage, paid them cash and sexually abused them. Earlier this year, a federal judge ruled that the deal did, in fact, violate the rights of Epstein's victims.

Cubs affiliate calls out Colin Kaepernick, quickly backtracks
Gavin Newsom both tweeted in favor of Nike and welcomed the company to do business in their respective states. Last September, Nike introducing Kaepernick as the new face of its "Just Do It" ad campaign.

Jobs spike makes it tough to cut interest rates
Growth in the services sector, which includes such varied industries as restaurants, finance and recreation, slowed in June. The Friday jobs report was a positive economic data point showing that the longest economic expansion is still running.

England beat New Zealand to make Cricket World Cup semi-finals
They had accused India of intentionally losing the game against England to jeopardise Pakistan's chances. The radio crackled with laughter. "It feels pretty cool, pretty awesome", he said of the side's efforts.

Next Samsung Galaxy Note announced August
Samsung's rise in market share is even more remarkable, considering how reports point to an overall decline in smartphone sales. People who have tested the re-designed Galaxy Fold said the tension is harder but more natural. "It was embarrassing .

New Zealand to tour Sri Lanka after World Cup
New Zealand lost to England by 119 runs and they now have a net run rate of +0.175. But just a win won't do for Pakistan since they are behind the Kiwis on run rate.

Kyrgios is ‘dangerous’ says Nadal as Spaniard prevails in bad-tempered thriller
Reigning Wimbledon champion Angelique Kerber was eliminated Thursday when unseeded American Lauren Davis beat her 2-6, 6-2, 6-1. Johnson's best Grand Slam showing was a fourth-round run at the All England Club in 2016, which ended with a loss to Federer.

Shane Lowry reacts to his strong Irish Open start
I just wanted to take stock of my game and did not expect a 63 but it was a bit of a stroll in the park. You should be playing at least one, if not two, of the events running into it.