Forget profits for Deutsche Bank for 2019. The German lender is undergoing a radical restructuring that will see 18,000 jobs slashed worldwide and has already taken a 5 percent toll on shares. London was bustling this morning, according to Twitter, with descriptions of staff frantically packing their stuff in order to get out the door before their security badges quit working.
And that was just London.
Trading staff in Asia were cut loose, too, and the purge also launched in the bank’s New York offices.
All in all, 18,000 jobs are expected to be cut by 2022. That means 20 percent of the bank’s staff. But mostly the focus is on investment banking operations, which haven’t earned enough to justify the risks–or the costs.
The restructuring will cost DB $8.3 billion. That comes on top of Q2 losses of $3.1 billion….CLICK for complete article