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  1. #1
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    Klondyke's Avatar
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    Deutsche Bank to lay off 18,000

    Big ax falls as Deutsche Bank to lay off 18,000 in $8.3 billion 'reinvention'


    FRANKFURT/SYDNEY/HONG KONG/NEW YORK (Reuters) - Deutsche Bank laid off staff from Sydney to New York on Monday as it began to slash 18,000 jobs in a 7.4 billion euro ($8.3 billion) “reinvention” that will lead to yet another annual loss, a plan that knocked its already battered shares.

    Germany’s largest lender said on Sunday it will scrap its global equities unit and cut some fixed-income operations in a retreat from a long-held ambition to make its struggling investment bank, with 38,000 staff, a force on Wall Street. Deutsche Bank has almost 91,500 staff around the world.

    Its shares erased early gains and closed down 5.4% in Frankfurt after its finance chief flagged “significant uncertainty” over breaking even in 2020. Its bonds also fell. U.S.-listed shares dropped 6.1%.

    Some analysts were skeptical that the bank could grow future earnings quickly enough to reach a new target to achieve a return on tangible equity of 8% by 2022, compared with a negative return last year.

    “The question of where the real earnings power will come from for Deutsche Bank going forward has not been answered,” said David Hendler, an independent analyst at New York-based Viola Risk Advisors. “It’s doubtful whether they will be able to build a better bank in just three years.”

    Ratings agency Fitch said that the bank’s future credit rating will depend on how successfully it executes the plan. Fitch downgraded the bank to “BBB” status, the lowest investment-grade status, just last month.

    “The restructuring measures involve large staff cuts and significant leadership changes, which could disrupt the aim to improve core earnings,” it said in a note published Monday.

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    https://www.reuters.com/article/us-d...-idUSKCN1U309P

  2. #2
    Thailand Expat jabir's Avatar
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    Is it a reinvention or a restructure?

    More like too-big-to-fail fcuking with reality!

  3. #3
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    Hope it doesn't affect Trumps money laundering.

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