Deutsche Bank to axe 18,000 jobs

Despite… the EU? German Bank Slashing 18,000 Jobs in ‘Restructuring’		74 Thomas Lohnes  GettyBREITBART LONDON7 Jul 2019

Despite… the EU? German Bank Slashing 18,000 Jobs in ‘Restructuring’ 74 Thomas Lohnes GettyBREITBART LONDON7 Jul 2019

Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro (A$11.9 billion) overhaul created to turn around Germany's struggling flagship lender.

Hundreds of City workers are fearing for their jobs after Deutsche Bank, the global bank that is one of the Square Mile's largest employers, said it will axe 18,000 staff worldwide in the latest attempt to revitalise its reputation and business.

The bank paid billions in fines and settlements related to behavior before and after the global financial crisis, including a $7.2 billion settlement in 2017 with the Justice Department over selling bonds based on mortgages to people with shaky credit.

The bank will set up a new so-called "bad bank" to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

The cuts were foreshadowed on Friday, when the head of Deutsche's investment bank Garth Ritchie agreed to step down. It expects a €2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges. "This could be a real new beginning for Deutsche Bank", said Szukalski, who also sits on the bank's supervisory board.

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In May, CEO Christian Sewing told shareholders he was ready to make "tough cuts" to improve the struggling bank's profitability and to raise a "disappointing" share price.

Sewing called the package the "most fundamental transformation" of the bank in decades.

The restructuring follows the failure in April of merger talks with German rival Commerzbank.

Some employees at the bank's offices in Hong Kong have already started packing their belongings, the person said.

Deutsche Bank said in a statement on Sunday that the restructuring would include "a workforce reduction" to "around 74,000 employees by 2022". The equities business is focused largely in NY and London.

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It also plans to cut back its fixed income business - traditionally seen as one of the bank's strengths - particularly its rates trading desks.

Deutsche Bank officials had previously denied reports they had planned further USA restructuring measures.

In 2018, Deutsche cut 6,000 jobs, The Guardian says.

The Frankfurt-headquartered bank said Sunday it would drop its stock sales and trading unit as part of a plan to exit more volatile investment banking activities.

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