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.

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"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".

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