Markets

Deutsche Bank plans 'significant' job cuts

Deutsche Bank plans 'significant' job cuts

Deutsche Bank said that the measures would lead to a "significant reduction" in the workforce in the current year. "This is what we will focus on more decisively going forward". The company had revenue of $6.72 billion for the quarter. equities research analysts anticipate that Deutsche Bank will post 1.21 EPS for the current fiscal year.

The company didn't provide numbers showing how deep the cuts to the investment bank will be. ValuEngine lowered shares of Deutsche Bank from a buy rating to a hold rating in a research report on Wednesday, February 7th.

The bank also aims to scale back operations in bond sales and equities trading, particularly in the United States and Asia, where it was once bullish.

In a quarterly-earnings statement Thursday, Deutsche said it would scale back certain areas of its struggling global investment banking business as part of a firm-wide restructuring meant to reverse declining profits.

It will kick off a review of its global equities business with a view to "reducing its platform", including pulling back leverage exposure to global prime finance. "What the restructuring is missing is details for now".

US trade officials to travel China
The Commerce Ministry in Beijing said last weekend that China would welcome a visit from the U.S.to discuss trade issues.

The German bank will reduce its corporate finance businesses in the USA and Asia, pare US rates sales and trading, and review its global equities business with an eye toward downsizing it, according to the statement. It joined the ranks of global securities firms with the 1989 purchase of British merchant bank Morgan Grenfell and a decade later purchased Bankers Trust, a NY derivatives house.

Paul Achleitner, now Deutsche Bank's supervisory board chairman, advised it on the purchase while at Goldman Sachs Group Inc. Their departures, tied to the CEO change, are part of the third high-level shake-up at the lender since Mr. Cryan took over as CEO less than three years ago. The company has an average rating of "Hold" and an average price target of $17.41.

Dekabank Deutsche Girozentrale, which manages about $12.90B US Long portfolio, decreased its stake in Euronav Nv Antwerpen by 518,926 shares to 74,524 shares, valued at $536,000 in 2017Q4, according to the filing.

Revenue in Deutsche's corporate and investment bank declined 13 percent year-on-year to 3.84 billion euros. Sewing has called the target "non-negotiable" in a memo to staff sent earlier in April. It increased its estimate for restructuring expenses to 800 million euros this year, up from an earlier estimate of 500 million euros, Chief Financial Officer James von Moltke said.

"Delivery is key from here", said Guy de Blonay, a fund manager at Jupiter Asset Management. Its German home market trails the U.S. and U.K.in retail- and investment-banking profitability, and compared to its big Swiss rivals, Deutsche Bank lacks scale in private banking and wealth management.


  • Four Decades On, Ex-Cop Arrested In US 'Golden State' Rapes, Murders

    Four Decades On, Ex-Cop Arrested In US 'Golden State' Rapes, Murders

    Also on the Federal Bureau of Investigation website are interviews with local police who investigated the Sacramento area rapes. McNamara died in her sleep at the age of 46 in April 2016 before she could finish the book she was writing about the case.
    Meghan performs first Maori hongi at Anzac Day dawn service

    Meghan performs first Maori hongi at Anzac Day dawn service

    Additionally, teen cellist Kanneh-Mason, who won BBC Young Musician 2016, will play after being personally called upon by Meghan . A little less than a month before her royal wedding to Britain's Prince Harry , Meghan Markle has said "I do" - on television.
    Sensex rises over 100 points, Nifty above 10600

    Sensex rises over 100 points, Nifty above 10600

    At the close, the benchmark 30-share index, BSE Sensex gained 165.87 or 0.48% at 34,616.64 with 18 components registering rise. In other Asian markets , Hong Kong's Hang Seng rose 1.20 percent while Japan's Nikkei was up to 0.67 percent in early trade.
  • Multiple injuries in Superior refinery explosion

    Multiple injuries in Superior refinery explosion

    Electric crews from Hunt Electric were performing annual maintenance at the plant, so more workers than usual were on site. Neither the police department nor the Douglas County Emergency Management Agency immediately responded to phone messages.
    Woman kills husband's mistress then turns gun on herself, police say

    Woman kills husband's mistress then turns gun on herself, police say

    Police say Gerardot, 47, of Wilmington, Del., drove from DE to Radnor before breaking into the residence of Meredith Chapman , 33. Pictured, Delaware couple, Jennair Gerardot and husband, Mark Gerardot and his wife's alleged love rival , Meredith Chapman .
    The flagship OnePlus 6 will boast glass housing

    The flagship OnePlus 6 will boast glass housing

    Similar to a year ago , OnePlus will be offering entry vouchers to OnePlus 6 launch event on its website starting 10 am on May 8. That being said, having a glass body also suggests a wireless charging technology which is something we look forward to.
  • Name of Yawkey Way Officially Changed to Jersey Street

    Name of Yawkey Way Officially Changed to Jersey Street

    Following a public hearing in March, the initial vote on the name change was scheduled April 12 but was postponed. The current Sox owner, John Henry, reportedly has said he's "haunted" by what he called the team's racist past.
    Comcast challenges Murdoch with rival bid for UK-based Sky

    Comcast challenges Murdoch with rival bid for UK-based Sky

    Sky is a highly complementary business and will expand Comcast's worldwide footprint in the United Kingdom and Continental Europe. Sky also has the rights to broadcast major professional sports events including games in the English Premier League.
    Google's G Suite redesign draws on AI to kill email clutter

    Google's G Suite redesign draws on AI to kill email clutter

    I moved to a G Suite Gmail account over a year ago, migrating years worth of emails from a conventional email server. To get the update right now, Go to Settings (the cog wheel in the top right corner) and select Try the new Gmail .
  • Home Office had migrant removal targets, report shows

    Home Office had migrant removal targets, report shows

    Asked whether she regarded herself as a future leadership contender, she said: "I'm pretty much focused on what I have got to do now".
    Bill Cosby found guilty of sex abuse

    Bill Cosby found guilty of sex abuse

    BREAKING: Bill Cosby lashes out at prosecutor in expletive-laden tirade in courtroom after conviction in sexual assault retrial. Constand, 45, alleges Cosby knocked her out with three pills he called "your friends" and molested her in January 2004.
    Palestinians injured by Israeli army on Gaza border

    Palestinians injured by Israeli army on Gaza border

    Batsh's corpse is set to be flown to Egypt later in the day before being transported on to Gaza for burial. A string of Israeli officials have neither confirmed nor denied whether Israel had a hand in the killing.