Deutsche Bank to slash 18,000 jobs in sweeping restructuring

Germany's struggling Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, downsizing its volatile investment banking division in a restructuring aimed at restoring consistent profitability and better returns to shareholders.

For years, Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price. The bank went three straight years without turning an annual profit before recording positive earnings of 341 million euros for 2018. CEO Christian Sewing took over last year and promised faster restructuring after predecessor John Cryan was perceived to have moved too slowly.

The bank said one-time charges from the changes would mean a net loss of 2.8 billion euros in the second quarter. Excluding the charges, net profit would have been about 120 million euros. As part of the restructuring the bank said it would create a separate unit to dispose of billions in investments that are less profitable or no longer fit its strategy. The bank said it did not expect to have to raise additional capital from shareholders.

Another business shedding jobs to make more money. Greed is here to stay.

So because Trump didn't pay them back....

I call bullshyt!!

capitalism It's just such a great system.

No dividrnds for a couple of years and 17,000 jobs cut

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Factbox: Deutsche Bank takes an axe to investment bankDeutsche Bank said on Sunday that it would make major cutbacks to its investment... :D böyle bişey oluyor işte zihinde o bana ben ona pazıl gibi bişey falan🖕😛🖕 True statement everything Trump touches DIES. More investigations to come with Trump, Retired Justice Kennedy’s son, Jared Kushner & Russia Money Laundering.
Source: Reuters - 🏆 2. / 97 Read more »

Deutsche Bank to Exit Global Equities, Trading BusinessDeutsche Bank moved to gut its global ambitions as a trading powerhouse, cutting 18,000 jobs and retreating to its German banking roots in a radical overhaul to try to save itself after years of decline. A good place to start would be to call all loans to Trumps and Kushners due and stop letting them continue to default without penalty. As soon as I saw DB the Benny Hill theme began playing in my head
Source: WSJ - 🏆 98. / 63 Read more »