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.

Rivaldo Urges FC Barcelona To Sign Liverpool's Mohamed Salah
Fernando Morientes says Liverpool will be well aware Real Madrid are favourites to win a third straight Champions League .


'Solo: A Star Wars Story' is a fun romp
Hopefully, we'll find that out too! Now that he's back, we're reminded of how well he works as a villain and not the main subject. The man who took the job, Alden Ehrenreich , does not look or sound like Ford, and it's hard to adjust at the beginning.


Apple Rejects Steam Link App For iOS Devices
Valve appealed the decision, but the appeal was denied, and it now appears that Steam Link will never come to iOS devices. Apple also said on Friday that it would start reporting requests from governments to take down apps from its App Store.


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".

Recommended:

  • Premier John Horgan oblivious to pipeline consequences

    Premier John Horgan oblivious to pipeline consequences

    The annual meeting brings together leaders of Manitoba, Saskatchewan, Alberta, B.C., Nunavut, Yukon and the Northwest Territories. British Columbia is also suing Alberta for passing a law that will allow it to choke off the supply of fuel to B.C., which Ms.
    Trump appears to confirm deal on Chinese firm ZTE

    Trump appears to confirm deal on Chinese firm ZTE

    If ZTE agrees to implement the administration's demands, the Commerce Department will lift the ban on purchasing U.S. products. Chuck Schumer of NY criticized the reported deal: " President Trump would be helping make China great again.
    Storm is likely to become depression and bring heavy rains

    Storm is likely to become depression and bring heavy rains

    An Air Force Reserve reconnaissance aircraft is scheduled to investigate the low this afternoon, per NHC . If Alberto jogs west of the forecast track, the area could see the chance of flooding rains increase.
  • Dark Souls Remastered Launch Trailer, Out This Weekend

    Dark Souls Remastered Launch Trailer, Out This Weekend

    The good news is that Dark Souls: Remastered is fairly low-priced on Steam , assuming you already own the original game. Dark Souls: Remastered does not appear to have any special or collector's editions .
    Manchester United eye deal for Shakhtar's Fred Mourinho set for staff shake-up

    Manchester United eye deal for Shakhtar's Fred Mourinho set for staff shake-up

    Brazil global Fred admits he is aware of a "very strong bid" from Manchester United . Manchester United are said to be interested in West Ham attacker Marko Arnautovic .
    Rockets lose Chris Paul for Game 6 due to hamstring injury

    Rockets lose Chris Paul for Game 6 due to hamstring injury

    This is the same core of stars that has gone 16-1 at Oracle Arena during the playoffs since the start of last year's postseason. In our Game 5 takeaways, we look at why the tenor of this series has shifted, and whether it will shift back.
  • Seahawks WR Doug Baldwin on President Trump: 'He's an idiot'

    Seahawks WR Doug Baldwin on President Trump: 'He's an idiot'

    The Game Operations Manual will be revised to remove the requirement that all players be on the field for the Anthem. In addition, the team can fine the player directly. "I think it's just typical of the NFL ", Kerr said .
    AB de Villiers retires from worldwide  cricket

    AB de Villiers retires from worldwide cricket

    It did not seem de Villiers would do the same when, on March 8, he was awarded a new national contract. AB de Villiers joined Jacques Kallis in the middle and that is where the match changed.
    Pakistan's Babar Azam ruled out of England series with fractured wrist

    Pakistan's Babar Azam ruled out of England series with fractured wrist

    Haris Sohail (21*) and Azhar Ali (18*) showed great composure to stay unbeaten at the crease at the stumps on day 1. Mark Stoneman's dismissal for four continued his unprofitable alliance with Alastair Cook at the top of the order.
  • Donald Glover In Talks To Join Black Panther 2 Cast

    Donald Glover In Talks To Join Black Panther 2 Cast

    Black Panther sees Ryan Coogler ( Creed ) directing Chadwick Boseman as T'Challa alongside Lupita Nyong'o as Nakia, Michael B. Jordan will return in some capacity, but if he doesn't it's likely Gambino may play some kind of villain".
    Gwyneth Paltrow Says She Adores Brad Pitt For Confronting Weinstein

    Gwyneth Paltrow Says She Adores Brad Pitt For Confronting Weinstein

    Paltrow is among over eighty women who have accused the fallen producer of sexual assault, rape, or sexual harassment. According to Paltrow , she had told Pitt about a "weird" encounter she had with Weinstein in a hotel room.

    Heavier Women May Face Higher Cancer Risks, Study Finds

    Meanwhile, it also found that alcohol is strongly linked to an increased risk of six cancers, one more than a decade ago. The fund also recommends avoiding sugary drinks and limiting fast and processed foods.


Popular

'Hero' teacher tackled gunman, student says: 'Most people would never dare'
A Noblesville police chief told reporters that a teacher and a student were taken to the hospital with injuries. The middle school is comprised of about 1,300 students. "I was really nervous for my best friend and my family".

No US-European Compromise Seen On Iran As Khamenei Steps Up Demands
He told reporters, "I am personally maybe not optimistic but ..." The ayatollah made five demands of the European countries. But that has proven hard , with European companies frightened away by USA sanctions.

Ovechkin, Holtby shine in Game 7, Caps beat Lightning 4-0
With that in mind, we present a stroll down memory lane and a look back at each of Washington's four wins in Game 7. Burakovsky then converted off an assist from John Carlson at 16:31 of the second period.

Liverpool to step up pursuit of Lyon’s £61m-rated Nabil Fekir
The same report says that Liverpool FC are ready to pay a fee in the region of £60m to secure the signing of Fekir this summer. Fekir is considered a direct replacement for the departed Philippe Coutinho , who left Liverpool for Barcelona in January.

BS Detector: Did Jurgen Klopp really criticise Manchester United?
Liverpool is a world class brand, big, big, big, but in Melwood, you know it Robbie, it is still a family, nothing else, and you can go in and feel that.

Management purge, U.S. oversight & $1.3bn fine: Trump’s terms to reopen ZTE
USA -traded shares of NXP Semiconductors NV rose 4.7 percent after the announcement, as signs of better U.S. Commerce Secretary Wilbur Ross is scheduled to visit China next week for another round of talks.

Tyronn Lue: Cavaliers, Warriors back in the Finals still a possibility
How the Cavaliers do will likely once again rest on LeBron James' shoulders who has so far carried his team to this point. The Cavs got off to a rocky start, with five first-quarter turnovers almost matching their seven field goals.

Madden NFL 19 Pre-Order Bonuses and First Screenshots Unveiled by EA
It's notable that there is no mention of a story mode returning to Madden after it made its debut previous year . Seems like Madden 19 will be a fairly modest update as far as these things go.

DHS Secretary Is Still Not Aware Of Intel That Russia Favored Trump
The chairman of the House panel, Devin Nunes, has been extensively criticised for his closeness to the Trump White House. At a briefing attended by 40 or more members of the 435-member U.S.

GasBuddy: Gas prices to drop after Memorial Day
The American Automobile Association says drivers are about to pay the highest gas prices since 2014. The higher prices are due to OPEC production cuts while there is increased demand for oil.