Deutsche Bank to close almost 200 branches

TheLocal.de ^ | 18 Jul 2016 09:04 GMT+02:00 | (DPA/The Local)

[Olog-hai]

Germany’s largest lender is set to shut over a quarter of its branches across the country as the company goes through a major restructuring process.

The closures are set to take place over the next few months, with 188 of Deutsche Bank’s 723 branches nationwide due to close their doors. […]

After recording colossal losses of around €7 billion in 2015, the Frankfurt lender is desperately seeking ways to cut costs. […]

The bank said it hopes to redirect funds to digital banking, in which it hopes to invest €750 million by 2020. …

[lodi90]

They have an office in Jacksonville, FL. I drove by a few weeks ago. They were flying the homo flag.

[VTenigma]

Well that can’t be good.

[Sasparilla]

...the Frankfurt lender is desperately seeking ways to cut costs...

Such as charging depositors 3% to hold their deposits in their bank, an idea being considered by US banks too.
A bank run is coming.

[mazda77]

Deja Vu to 2007. I remember it personally as it affected a significant deal I had in the works.

BTW, Intracoastal, towny-side.

[Kenny500c]

Restructuring = retrenchment.
Nothing lasts forever.

[jsanders2001]

Hope and Change once again. Several thousand times actually.

[Organic Panic]

Probably to be renamed “Alaahu Akhbar Sharia Bank”

[nickcarraway]

Trump’s bank.

[CutePuppy]

Trump's bank.

True, DB is one of the few remaining banking / WS institutions which would [unhappily] still do business with Trump (after he destroyed so much of their and their investors and customers capital) but DB didn't / doesn't have much choice in the matter at this point — it is trying to save some of the value of previous loans while some segments of the real estate market are still going [relatively] strong...

They had a settlement in 2010 to extend part of $640M loan on his Chicago Trump International Hotel & Tower after DB countersued Trump on his attempt to get out of paying off the interest and principal (essentially defaulting) on a debt he used to buy the property near the peak in early 2008 while at the same time "warning" everybody that the real estate crash is coming and to be ready for opportunities to buy... Since then, they pretty much had to roll over the loans several times until they can get their money back, but nothing is going to new projects. (Ref: Donald Trump sued Deutsche Bank to get out of $40 million debt over Chicago property two years after rooting for housing collapse - NYDN, by Cameron Joseph, 2016 May 24)

< snip > ..... In a counter-suit, the German conglomerate fired back that "Trump is no stranger to overdue debt" and called his lawsuit "classic Trump" after highlighting his casino's bankruptcies. ..... < snip >

Most WS / financial institutions won't do business with him, lest they end up with more losses after they've had a painful experience of "investing in Trump" before ** (Ref: Art of the spin: Trump bankers question his portrayal of financial comeback - CNBC / Reuters, by Emily Flitter, 2016 July 18)

< snip > ..... BANKING ON "TRUMP THE SALESMAN" ..... < snip >

..... Though it was true that a personal bankruptcy would have made it harder for the banks to collect what Trump owed them, he had little leverage in the talks, they said. He, too, would have been seriously hurt in a bankruptcy, especially since he had personally guaranteed so much of what he had borrowed. In Pomerantz's analysis, he would have been able to hold on to little else beyond his home and his pension plan. ..... < snip >

..... The banks decided they could recover more of the $4 billion they were collectively owed if they sold Trump's holdings one by one, waiting until the market recovered, rather than taking possession of the assets, four participants in the talks said. ..... < snip >

..... "We had to be sure he would pay attention," Pomerantz said of the liens on Trump's personal holdings. "We would meet with him every Friday morning. He was under very strict restrictions by the banks." ..... < snip >

..... The banks did not recover 100 percent of what they were owed and several lenders vowed never to work with Trump again. ..... < snip >

** Ref: Who will buy New York's Plaza Hotel? Chinese or Arabs - FR, posts #2, #9, 2016 March 20

So here's the Trump's revenge — new Trump's GOP platform includes reinstatement of Glass-Steagall, which is the same as Democratic Party Sanders / Warren / OWS plank. Isn't it wonderful that both parties are working together on the "Wall Street problem"? ***

*** Ref: GOP platform pushes for big-bank breakup, return of Glass-Steagall - CNBC, by Michael Nagle, 2016 July 18

and

*** Ref: GOP platform to call for return to Glass-Steagall - The Hill, by Peter Schroeder, 2016 July 18

< snip > ..... Paul Manafort, presumptive Republican presidential nominee Donald Trump 's campaign manager, told reporters gathered in Cleveland Monday that the GOP platform would include language advocating for a return of that law, which was repealed under President Bill Clinton.

"We also call for a reintroduction of Glass-Steagall, which created barriers between what big banks can do," he said.

Including that language in the GOP platform comes shortly after Democrats agreed to similar language in their own, calling for an "updated and modernized version" of the law. ..... < snip >