Sunday, 13 October, 2019

Why is Deutsche Bank planning to cut 20,000 jobs?

Deutsche Bank could slash up to 20,000 jobs Deutsche Bank may give pink slips to around 20,000 employees: Report
Russell Knight | 03 July, 2019, 22:16

By all accounts, Deutsche is now looking at cutting around half of them in the 12 months.

Police searched the homes of eight people in Germany as part of the investigation in May, after a two-day search of Deutsche Bank's headquarters by 170 police and investigators in November. As a group, sell-side analysts anticipate that Deutsche Bank will post 0.59 earnings per share for the current fiscal year.

In the most recentl development, reports emerged that Tammy McFadden, a former Deutsche Bank anti-money laundering specialist who claims the firm ignored her recommendations that transactions involving Kushner Companies be reported to regulators, had also raised flags about compliance issues at Bank of America. UBS Group reaffirmed a hold rating on shares of Deutsche Bank in a report on Thursday, April 4th.

Deutsche shares had already benefited last Friday from its American division's success in banking stress tests by the US Federal Reserve, a result hailed by Sewing in a letter to employees. Finally, HSBC reissued a "hold" rating on shares of Deutsche Bank in a report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft (NYSE:DB) has declined 43.81% since July 2, 2018 and is downtrending. Nine investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Deutsche Bank has an average rating of "Hold" and an average price target of $7.28.

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A number of institutional investors and hedge funds have recently modified their holdings of the business.

The bank is planning to shrink or shutter equity and rates trading businesses outside Europe, sources have said. Greenleaf Trust purchased a new stake in Deutsche Bank during the first quarter worth about $105,000. The unit allegedly lent President Donald Trump's organization more than $270 million from 2012 to 2015, despite Deutsche Bank's investment banking arm no longer doing business with Trump's organization.

The Company's Corporate & Investment Banking segment provides commercial banking, mergers and acquisitions, debt and equity advisory and origination, and cash management services; trade finance services comprising global trade services and products, structured trade solutions, and technology; and securities services, including trust, payment, administration, and related services for selected securities and financial transactions, as well as domestic securities custody services. It operates through three segments: Corporate & Investment Bank (CIB), Private & Commercial Bank (PCB), and Deutsche Asset Management.

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