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
U s bank wealth management
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
NEW YORK: The Federal Open Market Committee meeting next week is shaping up as a pivotal one for Wall Street, with stocks primed for a selloff should the Fed fail to take an even more dovish tilt after policymakers raised expectations for a rate cut in recent weeks.The benchmark S&P 500 has rallied more than 5per cent this month as softening economic data coupled with comments by Fed officials heightened expectations the Fed will cut rates by the end of the year and, at the very least, telegraph it is leaning toward a later rate cut at its June 18-19 meeting.Those gains came on the heels of a selloff in May of nearly 7per cent in the S&P, largely fueled by investor concerns that trade wars were escalating, slowing the economy and putting it at risk of falling into a recession.Bets for a rate cut were amplified by comments from Fed Chairman Jerome Powell on June 4, who said the central bank will respond "as appropriate" to the risks from a global trade war and other … [Read more...] about All eyes on Fed as stock market pines for rate cut
By Russ Buettner The New York Times Susanne Craig Tues., May 7, 2019 By the time his master-of-the-universe memoir Trump: The Art of the Deal hit bookstores in 1987, Donald Trump was already in deep financial distress, losing tens of millions of dollars on troubled business deals, according to previously unrevealed figures from his federal income tax returns. Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990. But 10 years of tax information obtained by the New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition. The data — printouts from Trump’s official Internal Revenue Service (IRS) tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and … [Read more...] about Trump tax figures show over $1 billion (U.S.) in business losses