As part of its latest disastrous earnings, which saw trading revenues tumble by 17% as new CEO Christian Sewing took over, we reported that Deutsche Bank announced a sweeping restructuring plan, abandoning its long-running ambitions to be a top global securities firm, scaling back U.S. rates sales and trading, reducing the corporate finance business in the U.S. and Asia, and reviewing its global equities business with a view toward cutting it back, the bank said in a statement. The measures will lead to a “significant reduction” in the 97,130-person workforce this year, Deutsche Bank said. We translated it more simply: massive layoffs.
Predictably, the German bank wasted no time, and according to Reuters and Bloomberg, the purge began overnight when Deutsche fired 300 U.S.-based investment bankers on Wednesday with another 100 pink sl
ips expected over the next 24 hours.
Iran Officially Switches from Dollar to Euro
Just two weeks after “panic” hit the streets of Tehran as the Iranian government attempted to ‘fix’ the freefall of the Rial against the USDollar…
YOU WERE WARNED IN OCT OF 2016 – The Fall of Deutsche Bank. Prepare Yourself Accordingly.