Deutsche Bank to axe 18,000 jobs

Despite… the EU? German Bank Slashing 18,000 Jobs in ‘Restructuring’		74 Thomas Lohnes  GettyBREITBART LONDON7 Jul 2019

Germany's struggling Deutsche Bank says it will cut 18,000 jobs by 2022 in a sweeping restructuring aimed at restoring consistent profitability and improving returns to its shareholders.

The 2011 appointment of Anshu Jain, the group's head of corporate and investment banking, as joint-chief executive exemplified the move, although it had the added effect of intensifying the rivalry between Deutsche's investment operations, which were based mostly in NY and London, and its retail and other non-investment activities in Frankfurt. He'll lead fixed-income and currency sales and trading, reporting to Sewing, Deutsche Bank said Sunday. Sewing, who flagged the restructuring in May after a failed merger attempt with Commerzbank, wants to focus on more stable sources of revenue.

The bank hopes to save around €17bn in costs by 2022 but also expects to lost €7.4bn in lost profit and restructing costs as a result of the changes.

He said that the bank intends to strengthen its private and corporate banking offerings "by offering innovative digital solutions and outstanding advice" adding that the bank's rebuilding will "only be successful if we fundamentally reshape our infrastructure" and "become more innovative and efficient whilst simultaneously strengthening our controls".

Its investment banking team for the Asia-Pacific region numbered about 300 people before the cuts, and 10% to 15% will be laid off - nearly all in its equity capital markets division, according to a senior Asia banker with direct knowledge of the plans.

Deutsche bank's headquarters in London.

Deutsche Bank has not revealed how many of its United Kingdom workforce will be affected.

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While Barclays may pick up business, the real victors from Deutsche's demise are the U.S. banks who have prevailed after many unsuccessful attempts (RBS, UBS, DB and others) to muscle into the so-called "bulge bracket" of worldwide investment banks.

Teams of share traders in Tokyo and other offices in Asia were told on Monday that their jobs were going.

One senior banker, still in a job, questioned how well the slimmed down franchise could compete in future. So far this year, it ranks 8th regionally for M&A activity.

The bank will put its unwanted assets to a new Capital Release Unit, where the bank said it will transfer $323 billion, or 20 percent of its leverage exposure.

"We have a talented and dedicated team at the helm to relentlessly execute what we promise today and to create a sustainably profitable bank".

"They give you this packet and you are out of the building", said one equities trader.

"If you have a job for me, please let me know", said a banker leaving the Hong Kong office on Monday.

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