Ping!
Like I’ve said before. Investment banks have treated me very well.
But I had gangster acquaintances when I was young that treated me very nicely too.
I was naive enough to be shocked when it was discovered one of the larger investment banks was LAUNDERING money for Mexican Drug Cartels.
At least my acquaintances were honest about what they were.
And unlike the CEOs and others at the top, some of them went to prison.
Yes, we can thank hedge fund managers and investment bankers for bringing down the whole system via derivatives they told everyone were a way to manage risk. LOL. Who then got tax payer money to stave off their destruction.
“Deutsche Bank (DBKGn.DE) aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank (DPBGn.DE) division, financial sources said on Monday.”
PostBank has more than 20,000 employees. By spinning it off, they get its workers off their headcount.
So I suspect this will not be as painful as advertised.