Posted on 07/07/2019 6:25:08 PM PDT by Beave Meister
Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.
Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years.
The German bank’s decision to scale back investment banking comes just two days after investment banking chief Garth Ritchie stepped down by “mutual agreement.”
Deutsche expects its restructuring plan to cost 7.4 billion euros by the end of 2022. The German bank may report a net loss of 2.8 billion euros in the second quarter of 2019. It will release second quarter results on July 25.
Deutsche Bank’s supervisory board met on Sunday to hash out the restructuring plan. The bank’s CEO, Christian Sewing, had broadcast “tough cutbacks” during a shareholders’ meeting in May.
(Excerpt) Read more at cnbc.com ...
Folks who bet on the stock market made tons.
Those who bet againt Trump lost their shirts.
Sounds like another Lehman, but I don’t know.
I understand the biggest depositors get their money out weeks ago (surprise, surprise). Probably went into US Treasuries.
Deutschland wieder großartig machen
oh... that didn’t work, maybe banking isn’t their thing
Deutsche Bank has bought heavily into the “green” craze. It has made huge loans to German “green” business and has especially financed the electric vehicle efforts at Tesla, VW, Ford and GM. The problem is that these “green” industries are not profitable, the capital invested is largely dead money and the loans are not being serviced. Deutsche Bank more than others is mired in the green swamp and the EU so far is not rushing to bail it out. Just the beginning of their troubles. The auto industry itself which despite the huge investments simply cannot sell enough electric vehicles in a free market to make a profit. Their immediate future is also not good.
They lent Trump billions.
The point being..?
Btw, a FReeper (can’t remember who) said on Fri or Sat, watch Deutsche Bank for big news on Mon.
Hmmm..
Before he was president. Since then all they’ve done is offered to turn over his financial records to Congress.
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