Massive lay-offs! Deutsche Bank plans to slash over 10,000 jobs worldwide

Adjust Comment Print

A quarter of the jobs in its equities and sales trading business would be hit by the cuts, the bank said.

Deutsche's shares are down more than 31 percent so far this year.

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. It had flagged cuts to U.S. bond trading, equities, and the business that serves hedge funds. Mr Sewing said the bank was committed to its worldwide investment banking operations but must "concentrate on what we truly do well".

He bank said: "Deutsche Bank chooses to base its largest investment banking operations in the City of London, a centre of global flows of trade and wealth".

We have established strong bases in all major emerging markets, and therefore have good prospects for business growth in fast-growing economies, including the Asia Pacific region, Central and Eastern Europe, and Latin America.

More news: Moscow Concerned Over Yulia Skripal's Treatment as Her 1st Interview Released

The details on the bank's strategy come ahead of the bank's annual general meeting on Thursday. Sewing, who replaced former chief executive John Cryan in April, has said the bank will scale back its ambitions in the USA market and focus instead on Europe.

Upon taking the reins last month, Deutsche veteran Sewing said the bank urgently needed to slash costs and shift away from its less profitable businesses.

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

"We view this as confirmation of our view that drastic but necessary restructuring is impossible at this stage", KBW wrote.

"We would have liked to see concrete announcements at today's shareholder meeting", he told Reuters.

More news: Ryan Coogler Was Really Bugged By One Character’s Death In Black Panther

Professor Brian Scott-Quinn, Director of Banking Programmes at Henley Business School, told Express.co.uk regarding the return to Germany retail banking: "We really no longer need Deutsche Bank".

Shareholders, fed up with a languishing share price and dwindling revenues, said they would call on the bank's management to speed up the recovery process at the AGM.

The jobs cull is the first big decision to be announced under new chief executive Christian Sewing, who unexpectedly replaced CEO John Cryan in early April.

The bank's troubles and the turmoil surrounding Cryan's departure have put pressure on Achleitner as well.

In a separate vote, Mr. Achleitner received support from 84.4 per cent of shareholders for his actions in 2017, below the rates of well above 90 per cent that shareholders typically give executives and board members at AGMs.

More news: Dark Souls Remastered: Is it PS4 Pro Compatible

Comments