Deutsche Bank fires 18,000 bankers

Posted by Ed 11 mths ago
Deutsche Bank Slashes 18,000 Jobs in $8.3 Billion Overhaul 
Deutsche Bank AG unveiled a radical overhaul that will see the lender exit its equities business, post a 2.8 billion-euro ($3.1 billion) second-quarter loss and cut the workforce by a fifth to reverse a slide in profitability.
Chief Executive Officer Christian Sewing will shelve the dividend this year and next and take restructuring charges of 7.4 billion euros through 2022 to pay for an overhaul that shrinks the German lender’s once-mighty investment bank along with its global footprint and key fixed-income business.

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Ed 11 mths ago
Deutsche Bank Cuts Leave Thousands Chasing Limited Openings
Deutsche Bank AG’s massive reorganization will leave thousands of finance employees out of work. And with firms throughout the industry running lean, they won’t all find jobs easily.

The German lender’s sweeping turnaround plan, including an exit from the equities sales and trading business, will slash Deutsche Bank’s workforce by about 18,000 employees globally. Workers from Sydney to London to New York received the details of their exit packages Monday -- and were left pondering their next move.
“There will be roles for these folks, but it won’t be for everyone, unfortunately,” said Noah Schwarz, a senior client partner at executive-search firm Korn Ferry, who predicted that U.S., Canadian and Japanese banks are among the places former Deutsche Bank employees may end up. “Some of these bankers will have to reinvent themselves.”
Hundreds of thousands of jobs have disappeared from the global finance industry since the 2008 crisis, and some of the biggest banks haven’t stopped cutting. Automation and new technology have been replacing workers while reduced risk-taking has trimmed demand in areas such as structured finance.
Front-office headcount for investment banking and trading fell for a fifth year in 2018, according to Coalition Development Ltd. data. And hedge funds, which used to poach employees from Deutsche Bank’s equities business, have cut back in recent years.

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