But when it came to making a decision, the bank’s stewards preferred more incremental steps -- until now. With a retreat that will see the lender exit its equities business and cut its 91,000-person work force by a fifth, Sewing is ending a trading foray that lasted for three decades and ultimately only led to losses. The plan “is a necessary and courageous step for Deutsche Bank,” said Michael Huenseler, a fund manager at Assenagon, which owns the bank’s stock. To be successful, “Sewing will need implementation discipline among the leadership, support from employees despite radical cuts, tailwind from the financial markets and clients and more than just a little bit of luck. None of this is certain.” Deutsche Bank shares dropped 1.7pc at 11:03 a.m. in Frankfurt, reversing early gains. Analysts said that while the restructuring was broader than expected, the newly announced targets will be tough to achieve. Goldman Sachs Group Inc.’s Jernej … [Read more...] about Deutsche Bank cuts job, plans radical surgery
Deutsche bank in europe
FRANKFURT/SYDNEY/HONG KONG : Deutsche Bank laid off staff in Asia yesterday as it began cutting 18,000 jobs as part of a €7.4 billion (S$11.3 billion) "reinvention" set to tip Germany's largest lender into yet another annual loss. In a retreat from a long-held ambition to make its struggling investment bank, which employs 38,000 people, a force on Wall Street, Deutsche Bank said on Sunday it would scrap its global equities operations and cut some in fixed income. Chief executive Christian Sewing told journalists from the bank's London office, where many of the cuts are expected, that he was "doing nothing short of reinventing" Deutsche Bank, which will have been in the red for four out of the past five years as it dealt with a series of setbacks. Deutsche Bank gave no geographic breakdown for the job cuts, although the bulk are expected in Europe and the United States. Its investment banking team for the Asia-Pacific region numbered about 300 people before the cuts, and 10 per … [Read more...] about Deutsche Bank begins Asia layoffs
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?
Germany's biggest lender bank Deutsche Bank will slash around one in five of its workforce, an unprecedented round of departures for the bank FRANKFURT AM MAIN - Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period."Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank".The lender did not immediately make clear where the axe would fall.But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home … [Read more...] about Deutsche Bank says to slash 18,000 jobs by 2022
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