Workers outside the Deutsche Bank office in London. Reuters
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.
Deutsche Bank’s chief executive is prepared to make “tough cutbacks” in its investment banking business, whose future is in doubt after several failed restructurings, in order to be profitable and competitive. Shares in Deutsche Bank hit a record low on Thursday as Christian Sewing kicked off its annual meeting,
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.
The UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center,
Inflation in the 20 countries that use the euro currency slowed to the lowest level in a year as energy prices dropped, but food costs were still on the rise,
The CEOs Consultative Council of UAE Banks Federation, the representative and unified voice of banks in the UAE, held its first meeting of the current year on 21 March 2023