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
Deutsche bank in london
LONDON: From Asia to the United States, disconsolate staff at Deutsche Bank dealt on Monday (Jul 8) with news of massive layoffs with some already heading to the exits to drown their sorrows.The German giant's share price fell to a low of €6.66 (US$7.47) before closing down 5.4 per cent at €6.79, following Sunday's announcement of 18,000 job losses by 2022 as the company transitions out of high-risk investment banking."We need to focus our bank on where we are most competitive ... (and) provide our strong businesses the oxygen to prosper while withdrawing it from others," Deutsche Bank chief executive Christian Sewing told reporters on Monday."We need to do more than merely trim the perimeter like in the past," he said, before visiting the bank's London offices where redundancy packages were being handed out.Analysts said it was high time for Deutsche Bank to stop its decades-long drive to emulate the investment titans of Wall Street.ING analyst Suvi Platerink Kosonen said … [Read more...] about Dismissed Deutsche Bank staff head out as overhaul bites
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
FRANKFURT: Deutsche Bank is in danger of failing U.S. stress tests, a European bank supervisor told Reuters, adding to pressure on Germany's biggest lender to make changes to its investment bank after failed merger talks with Commerzbank.European Central Bank regulators are concerned that Deutsche Bank's standing has weakened since it flunked U.S. stress tests in 2015, 2016 and 2018 and a repeat would cause a bigger dent in confidence among customers and business partners.The Federal Reserve, which will complete its examination of Deutsche Bank's U.S. operations in the coming weeks, could also impose conditions curbing its Wall Street investment bank, further undermining its earning power, the official said.A spokesman said Deutsche Bank had "invested heavily to ensure that the bank meets regulators' demands and has made significant progress". The Federal Reserve, which is expected to announce the results by July, and the ECB declined to comment.While Deutsche Bank had made significant … [Read more...] about European regulators fear Deutsche Bank US stress test failure: source