Posted on 07/07/2019 3:36:21 PM PDT by Libloather
FRANKFURT, Germany - Germany’s struggling Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, downsizing its volatile investment banking division in a restructuring aimed at restoring consistent profitability and better returns to shareholders.
The Frankfurt-headquartered bank said it would cut roughly a quarter of its total annual costs, from 22.8 billion euros ($25.6 billion) last year to 17 billion euros, through steps such as dropping the investment bank’s stock-trading business.
It also plans to slim the division focused on fixed-income investments.
**SNIP**
When complete, the job cuts are to reduce the workforce to 74,000. The bank would not say where the cuts would fall; many of its investment banking activities are carried out in New York and London.
(Excerpt) Read more at nypost.com ...
Guess the modern world just doesn’t need so many douches any more
Long discussion on ZeroHedge
Deutschland wieder großartig machen
oh... that didn’t work, maybe banking isn’t their thing
The socialist EU in action.
DB has a ton of derivatives. This could get messy.
Deutsche Bank was one of the largest beneficiaries of GW Bush’s $700 billion bank bailout of 2008.
Apparently Trump’s fault for thinking about building some Trump Towers in RooskieLand.
Sad.
I remember a day when the finance/banking world was in awe of DB. And German monetary policy for that matter.
Things change.
E banking and E currency, cash is not in the banking cartels future. No more need for people. It’s pretty straight forward, DB’s red ink will be made up with the continuing increases in gold prices, thus its owners will continue to make money. The owners of DB don’t hedge gold, they manipulates it. Those holding real currency are and will continue to take huge hits as it devalues. The old golden rule still applies.
Please, have a little faith in President Trump.
He knew what he was doing when he started this ball rolling.
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