On Sunday, battered international investment bank Deutsche Bank AG announced it will be exiting the equities business and cutting 18,000 jobs as part of an aggressive restructuring plan.
Deutsche Bank said it will eliminate its trading business as part of a cost-cutting plan that will eliminate 6 billion euros ($6.7 billion) in expenses and reduce the bank’s headcount to 74,000 by 2022.
In addition to the restructuring plan, Deutsche Bank said it anticipates a 2.8-billion-euro loss when it reports second-quarter financials July 25.
Deutsche Bank has been struggling to compete with other global investment banks and has been hounded by regulators in recent years.
In 2017, Deutsche Bank paid the U.S. Justice Department a $7.2-billion settlement related to the bank’s mortgage-backed securities business that contributed to the 2008 financial crisis. Deutsche Bank was also fined $630 million related to allegations of Russian money laundering.
Several Wall Street analysts weighed in on Deutsche Bank’s new restructuring plan; here’s a sampling of what they have to say….CLICK for complete article
Despite the fact that the American economy is going strong, with high GDP growth and the lowest level of employment in 40 years, a survey from Bankrate.com shows that nearly 40 percent of Americans believe the next recession is already here or awaits us in the next 12 months. So, why do experts says the economy is good, if not excellent, when the Average Joe has an entirely different sentiment?
Indeed, the BankRate survey noted that 88 percent of “experts” say the economy is “good,” and 11 percent even describe it as “excellent. The disconnect between the two groups is difficult to understand at a time when the U.S. economy has achieved its longest growth record without recession. In fact, we’re looking at a 10-year growth spurt. In other words, 121 months of straight growth….CLICK for complete article
The only reason the S&P 500 is holding the 200-day moving average at 2,776 is because the 200 dma keeps sinking. That, of course, is also pulling the 50 dma lower and once it comes down we’re only a month or two away from a “Death Cross” and then we would be looking at a very long, very hard climb back for the senior index….CLICK for complete article
I’m not going to use the R-word here. All I’m going to say is that it might be time for investors to brace for a significant correction—especially with debt at record levels and the Federal Reserve left with very little firepower to combat a full-blown crisis….CLICK for complete article
Trump surprised stock markets today following some encouraging statements regarding the ongoing trade spat between the U.S. and China.
Stock markets rose at the opening bell on Friday morning, a day after a sharp sell-off, as sentiment was damaged by observations from President Donald Trump planning for a speedy end to the extended trade war with China….CLICK for complete article
No dividend portfolio is complete without at least a couple of Canadian banks and top-tier utilities stocks. Today, we will take a look at one of each of these kinds of blue-chip investments and see which one is the best value with the best outlook, as well as the yield and overall health of each investment. Suncor Energy (TSX:SU)(NYSE:SU) If you could only invest in one stock on the TSX index, would it be Suncor Energy or one of the Big Six bankers? Before we take a look at one of the best picks from the latter breed of stocks,…CLICK for complete article