Thursday, 18 October, 2018

Deutsche Bank Is Considering Increasing Job Cuts to 10,000

Deutsche Bank slashes over 7000 jobs in major shake-up Germany's Deutsche Bank to lay off more than 7,000 workers
Jean Garcia | 26 May, 2018, 14:36

Germany's biggest bank said global headcount would fall to well below 90,000 from 97,000, with a 25-per-cent cut in equities sales and trading jobs, which are mainly in NY and London and where it has been losing ground to USA rivals. "However, we must concentrate on what we truly do well".

"This reduction is already fully underway, and so far, due to the considered way we've handled this, we have not seen any meaningful revenue attrition", he said.

When Sewing, the former co-head of the bank's retail banking arm, was appointed to replace his British predecessor, John Cryan, in April, he vowed to take "tough decisions" to return the bank to profitability.

FILE - In this Thursday, Feb, 2, 2017 file photo, a traffic sign stands near to the headquarters of Deutsche Bank ahead of the bank's annual press conference in Frankfurt, Germany.

However, the reorganizing of Deutsche Bank brings up the question raised by EIR Founding Editor Lyndon LaRouche, who called for the bank to return to the sound commercial bank principles of its martyred Chairman Alfred Herrhausen, who was assassinated on November 30, 1989, rather than continue the failed universal casino banking model.

After reporting lower profit and revenues in its first quarter, with weakness in all segments, Deutsche Bank in late April had announced actions to reshape its Corporate & Investment Bank and additional cost-cutting measures, including job cuts.

The cuts will cost the bank some €800m (£701m) this year. Sewing on Thursday affirmed the bank's goal to hold costs to 23 billion euros this year and 22 billion next year.

Aside from the potential 10,000 job cuts, Deutsche Bank is also seeking to reduce USA and Asia operations, focusing more on its home market and Europe.

Russian military unit brought down Malaysia Airlines Flight 17 over Ukraine
Almost 10,000 people were killed during the conflict that broke out between pro-Russia fighters and Ukrainian government forces. The Malaysian Airlines Boeing 777 crashed in eastern Ukraine on July 17, 2014, while flying to Kuala Lumpur from Amsterdam.

Shareholders had said they would call on Deutsche Bank to speed up the recovery process at the AGM, which comes after months of internal turmoil.

Paul Achleitner, the chairman, is expected to face tough questions after a torrid year that led to the bank's shares losing more than a third of their value and the ousting of its chief executive.

"In investment banking it is the same as there are still good European investment banks which can provide a good service to German industry".

The CEEMEA desk specializes in trading emerging-market securities and had been singled out as one area where Deutsche Bank needs to reassess how it competes with other investment banks, the people said.

He adds that, for Deutsche bank it had become, "almost impossible now to recover from years of mismanagement".

The cuts will cost the bank some 800 million euros ($1.2 billion) this year.

Deutsche's shares fell nearly 6% on Thursday.

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