Deutsche Bank Is Considering Increasing Job Cuts to 10,000
Deutsche Bank Is Considering Increasing Job Cuts to 10,000
Germany's Deutsche Bank to lay off more than 7,000 workers
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.
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.
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.
Khamenei also said European powers must promise they will not seek new negotiations on Iran's ballistic missile programme. The deal's proponents say it is crucial to forestalling a nuclear Iran and preventing wider war in the Middle East.
And Alberto is likely headed toward the northern Gulf Coast, where tropical storm watches could go up as soon as today . For storm information specific to your area, please monitor products issued by your national meteorological service.
Local demand for copper in India has been growing 7-8 per cent per year, according to a report by consultancy firm ICRA Ltd. Eleven demonstrators were shot dead and many people injured in the melee, including 20 police.
He was in good condition and the girl in critical condition, the Hamilton County Sheriff's Office said Friday night. Jowitt said there is "no reason to believe there is any kind of threat connected to this incident anywhere else".
Andrei Vasilevskiy made 31 saves for the Lightning, who won the three previous games, including Games 3 and 4 here. Kristina Rutherford , Sportsnet: "Ovechkin, Braden Holtby and the Washington Capitals have finally done it".
Aston Villa are confident John Terry will sign a new contract with the Midlands club if they win promotion to the Premier League . It has been suggested he would want to have a clause included saying he would not...
We are in the Champions League Finals after a long wait of 11 years. "None of us is selfish or only wants to score. That would equal the individual record, and leave him in sight of yet another Ballon d'Or.
They then test them for contaminants about three months later as part of the Puget Sound Ecosystem Monitoring Program . Scientists have found traces of oxycodone in shellfish near Bremerton and in Seattle's Elliott Bay.
Liverpool are confident they will win the race to sign Lyon star Nabil Fekir after a breakthrough in talks, reports claim. His eye for a goal, in particular, will stand Liverpool in good stead, adding a fourth quality option in attack.
Which would have allowed for Steam streaming via a 5Ghz network or wired Ethernet. - On Monday, May 7th, Apple approved the Steam Link app for release.
Nipah virus alert in Bihar
State official Rajeev Sadanandan said the districts of Kannur, Kozhikode , Malappuram and Wayanad should be avoided at all costs. There is no vaccination for the virus which induces flu-like symptoms that lead to an agonising encephalitis and coma.
Dark Souls Remastered launch trailer
For the Dark Souls fan that wants everything there's now a 100% pure bronze grail you can buy, and you won't believe the price... Dark Souls Remastered releases later this week, and enough critics have played the RPG to warrant a reviews round-up.
Is Spotify Walking Back Its Anti-Hate Policy?
Spotify executives are now talking to music industry and civil rights activists about adjusting the rules to suit to both sides. But most interesting is one person who may have been applying that external pressure.
The Rockets Defeat The Warriors in EPIC Game 5!
But the victory came with a cost, as Paul had to leave the game in the final minute with a right hamstring injury. Curry had shimmied in Game 3 and Game 4 , and there was Paul, mere feet away, demanding that he answer for it.