Christian Sewing and Paul Achleitner during Deutsche Bank’s AGM in Frankfurt on Thursday. Agence France-Presse
Deutsche Bank laid off staff from Sydney to London on Monday as it began 18,000 job cuts in an $8.3 billion “reinvention” which Germany’s largest lender said would mean yet another annual loss, knocking its shares.
Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany’s struggling flagship lender The bank will also scrap its global equities business and scale back its investment bank.
Deutsche Bank shares rose on Monday as it launched one of the biggest overhauls of its investment bank since the financial crisis by cutting 18,000 jobs around the world, starting the day with cuts in Asia.
Commenting on the recent agreement forged at the G20 meet to link Middle East countries by railway and connect them to India through seaports, Bin Sulayem stressed that the ultimate objective was to expedite the delivery of goods and introduce new alternative routes.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.