Deutsche Bank confirms deeper staff cuts

26 May, 2018, 14:33 | Author: Regina Silva
  • Deutsche Bank confirms deeper staff cuts

"It would appear that Deutsche Bank does buck the trend of that, but of course, investment banking is not really an indicator of the overall strength of a manufacturing economy such as Germany's", said Al Jazeera's Brennan.

Deutsche Bank declined to comment.

"It's going to be very, very hard for Deutsche Bank to navigate their way out of this effectively", Hewson added.

It won't do us any harm to be a bit more boring. Bloomberg previously reported that the bank had already cut 400 US -based employees as of late April, of a potential 1,000 based on sources with knowledge of the matter.

Christian Sewing - a Deutsche Bank lifer with a background in audit, risk control and retail banking - is aiming to refocus the lender on its European home market and reverse a two-decade effort to compete with USA rivals in investment banking.

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".

Apart from the US, Deutsche Bank is also planning to reduce its presence from equities markets across Central Europe, Middle East and Africa. Deutsche Bank is the worst-performing member of the Stoxx 600 banks index this year, falling 35 per cent year-to-date.

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Mr Achleitner has been chairman of Deutsche since 2012 - a time in which Deutsche has struggled to shake off the legacy of the financial crisis.

The bank also said on Thursday that it would reduce its leverage exposure in the corporate and investment bank by more than €100bn as part of the overhaul and is targeting about a 10% post-tax return on tangible equity from 2021 onwards.

The cuts are merely a first step and further details are needed, Ingo Speich, a fund manager at Union Investment which holds Deutsche Bank shares, said. The future of the investment bank had been a key factor in the tumultuous management shakeup that saw him take over from Mr Cryan last month. He said the bank wanted a better balance between business divisions.

But he failed to drag the bank back into the black. In fact, over the past few years staffing in the back office has actually increased - the exact opposite of what was needed.

"We can expect a much stronger emphasis on the domestic German market, with a focus on commercial and retail banking, and wealth management". Yet, it pursued the strategies until it bled its operating results. "However, we must concentrate on what we truly do well", CEO Christian Sewing said. "We need clarity on how the decisions will affect the bottom line".

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

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