The official "Bloodbath in the City... doomed!" thread

[AtW]

City of London braced for major job losses at Deutsche Bank

Heavy job losses are feared in the City of London after Deutsche Bank set out plans to boost its performance by axing 15,000 roles and selling off operations employing a further 20,000.

The move comes as the new boss, John Cryan, conceded that Germany’s biggest bank would not pay a dividend for two years as it battled to restore its fortunes after being stung by legal costs and fines. The bank also faces investigations over alleged Russian money laundering.

Cryan previously announced a restructuring of the investment bank, which employs thousands in London’s financial district, after a €6bn (£4.4bn) loss in the third quarter. The loss was caused by the sale of its Postbank retail banking division, a €600m writedown on the value of its 20% stake in China’s Hua Xia Bank, and €1.2bn in litigation costs.

Deutsche will close operations in 10 countries – Argentina, Chile, Mexico, Peru, Uruguay, Denmark, Finland, Norway, Malta, and New Zealand – and halve the number of customers in its investment bank, where 30% of clients produce 80% of the revenue.

Source: City of London braced for major job losses at Deutsche Bank | Business | The Guardian

[suityou01]

When Greece defaults that should about be the end of DB. Won't take much more.

AtW, do you think this is a reaction to the VW scandal?

[Dallas]

They can't shift anyone in Germany though, they have a history Of laid off workers heading for the train lines and jumping.

I was there 3 years on several programmes, they were good to me but it is very American cultured.

[AtW]

When Greece defaults

When will that be?

[tomtomagain]

Don't worry. It's just the economy re-balancing away from finance.

It's a good thing.

[suityou01]

When will that be?

You read the papers, right?

[AtW]

You read the papers, right?

Yes.

[AtW]

Don't worry. It's just the economy re-balancing away from profits.

FTFY

[suityou01]

Yes.

Read all about it, read all about it ...

http://www.ft.com/cms/s/0/c8f8e29c-6...#axzz3q2ALopOl

[Cirrus]

I've earned a lot of money over recent years cleaing up messes - HSBC's global money laundering, Virgin Money picking the bones of Northern Rock, Citi having to sell off its retail loan portfolios and Deutsche itself - toxic mortgages.

Banks over the last 20 years have made very pedestrian profits if you factor out all the wild gambling and consequent bale outs but we consultants don't make money off business-as-usual. We thrive on ebb and flow, rise and fall. The last thing we want is the likes of Deutsche to tick over like a swiss watch. It's about building and demolishing. Architects and demolition experts get paid a lot more than janitors and window cleaners.