Europe: Shares dip on Deutsche Bank, fading hopes of sharp Fed cut

[BENGALURU] Banks led European shares slightly lower on Monday as Deutsche Bank slid despite a major restructuring move, while fading hopes of a sharp interest-rate cut by the US Federal Reserve weighed on broader markets.

Shares in Deutsche Bank, which had jumped nearly 4 per cent in morning trade, after the German lender announced one of the biggest investment bank overhauls since the aftermath of the financial crisis, reversed course to close 5 per cent lower as investors questioned the bank's restructuring targets.The bank laid off staff from Sydney to London on Monday as it began 18,000 job cuts in a 7.4 billion euro "reinvention" which it said would mean yet another annual loss.

The pan-European banking sector which fell 1 per cent was further weighed down by shares of Swiss lender Julius Baer after the company appointed Philipp Rickenbacher, as its new chief executive officer.

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