Posted on 07/31/2012 7:36:02 AM PDT by SeekAndFind
Deutsche Bank is laying off 1900 people. 1500 of them are in the investment bank.
Here's the press release.
This news comes as Meredith Whitney's been chatting with Tom Keene on Bloomberg TV this morning, and just as she started explaining why she thought Wall Street's big banks would initiate massive layoffs (50,000, actually). Deutsche Bank's stock is shooting up, according to Bloomberg.
That makes sense according to Whitney's thesis as she explained it to Maria Bartiromo last week— the market will reward banks that shrink their staff and their business.
(Excerpt) Read more at businessinsider.com ...
https://www.db.com/ir/en/content/ir_releases_2012_4037.htm
I’m hearing rumblings from my contacts that several “distressed industries” are planning to issue HUGE numbers of pink slips in September and October in a Going Galt attempt to sink Obama, but good.
Meredith is a very smart lady. A couple of years ago, she predicted “a wave of municipal failures.” After they failed to materialize, she was derided in the financial media as having been a one-hit wonder on the financial meltdown, but wrong afterward. Now, she’s been proven right—three cities in CA have been the first to break, and it’s clear there’s a a lot more that will follow.
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