Business Deutsche Bank shares extended losses on Tuesday on investor doubts that the new chief executive can revive the lender by shrinking the investment bank and returning to its roots as banker to corporate Germany. 09 Jul 2019 05:05PM Bookmark LONDON: Deutsche Bank shares extended losses on Tuesday on investor doubts that the new chief executive can revive the lender by shrinking the investment bank and returning to its roots as banker to corporate Germany.Deutsche's stock price has fallen 12 percent since Sunday's restructuring announcement to cut 18,000 jobs in a 7.4 billion euro (US$8.29 billion) "reinvention". By 0842 GMT, the stock was down 5.2per cent on the day, their lowest for two weeks.Analysts say Christian Sewing, CEO for just over a year, is right to slash Deutsche's trading desks but question if he can make the plan work in practice when interest rates are still low and U.S. banks have grown their share of the German market."Cutting back volatile, … [Read more...] about Deutsche Bank shares slide again on skepticism about turnaround
Deutsche bank asset management
As German bank Deutsche Bank announced that it is axing 18,000 jobs globally following the restructuring plan on Sunday, nearly 4,700 staff in Tokyo, Hong Kong and Singapore, besides Sydney will be affected. The plan said the exercise will cost 7.4 billion euros ($8.31 billion) and a dramatic scale-down of operations of its global equities business and some fixed income operations. The morning when Sydney offices opened first, the staff were found leaving the office in big numbers and some of them confirmed to the media outside that they had been sacked. A report said the bank's equity capital markets team was asked to leave while the mergers and acquisitions (M&A) team was not affected immediately. The bank has some 300 investment banking teams in the Asia-Pacific region and it is learnt that 15 per cent of them will be hit by the new announcement. Deutsche Bank CEO Christian Sewing, in his email on Sunday to the staff said, "This is a restart... We are creating a bank that will … [Read more...] about Deutsche Bank to axe 18000 jobs, Asia-Pacific offices worst-hit
LONDON/FRANKFURT: For Deutsche Bank chief executive Christian Sewing, shrinking the group's investment bank will be the relatively easy: if expensive: part of his restructuring plan.Finding steady revenue streams to produce the 7.4 billion euros (US$8.31 billion) the bank expects in charges from cutting down its trading arm will be more challenging.Germany's biggest bank said on Sunday it planned to focus on corporate banking, foreign exchange, deal-making, asset management, and private banking. All these areas potentially could provide less volatile revenue streams than the bank's equity and rates trading arms, but they are already fiercely competitive and undergoing sweeping technological changes.CORPORATE BANKINGDeutsche Bank wants corporate banking to be the center of its business.This involves building on its strengths in transaction banking - such as trade finance and cash management.The bank is held up by rivals as a traditionally strong performer in these areas, but its … [Read more...] about After Deutsche Bank cuts, where will the growth be?
LONDON: Deutsche Bank plans to hire 300 more relationship and investment mangers for its wealth management business by 2021, as part of a plan to bulk up in areas the German lender hopes will bring steadier revenue streams.Deutsche Bank is in the middle of a major restructuring as it tries to shrink its investment bank that has struggled to generate sustainable profits since the 2008 financial crisis. The shake up is expected to lead to thousands of job cuts in areas like equities trading.Chief executive Christian Sewing wants instead to allocate more resources to businesses that have more stable revenue streams, with wealth management one of them."This drive to grow our business is now materializing with a big investment push," Fabrizio Campelli, global head of Deutsche Bank Wealth Management told Reuters in an interview.Under Campelli's plan the number of relationship and investment managers will grow by 300 - around a third of the current numbers - globally. They will be spread … [Read more...] about Deutsche Bank in wealth management hiring spree
Business Deutsche Bank Chief Executive Christian Sewing is planning a major overhaul of top management, including replacing the finance chief, Bloomberg news agency reported on Tuesday. 18 Jun 2019 10:36PM Bookmark BERLIN: Deutsche Bank Chief Executive Christian Sewing is planning a major overhaul of top management, including replacing the finance chief, Bloomberg news agency reported on Tuesday.Citing an unnamed person close to the matter, Bloomberg said Sewing could remove James von Moltke as CFO.Separately, Germany business monthly Manager Magazin reported that Sewing was also discussing the possibility of replacing Garth Ritchie as head of investment banking to make the planned restructuring of the division a top priority.Deutsche Bank declined to comment.Shares in Deutsche Bank rose 2.7 percent on the news and traded 3.5per cent higher at 1411 GMT.In May, Sewing promised shareholders "tough cutbacks" at its underperforming investment bank, a major source of revenue for … [Read more...] about Deutsche Bank considers replacing CFO: report