Free Republic

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...

Trip Chowdhry of Global Equities Research pulls no punches in his latest Apple Inc. AAPL 1.92% In a recent note, Chowdhry called for the "completely clueless" Tim Cook to be replaced. He cited a culture of "bozos" at Apple destroying $486 billion in shareholder value under Cook's management. Apple's PE multiple under Steve Jobs was consistently above the S&P 500 PE and above 20X according to Chowdhry. The S&P 500's current 20.5X PE dwarfs the 11.5X PE Apple generated under Tim Cook and Luca Maestri leadership. The lack of reward (positive yearly stock performance) is the market's way of telling...