Australia's Deutsche Bank staff to learn fate — MASS LAYOFFS

13 Juillet, 2019, 01:24 | Auteur: Auguste Feret
  • Australia's Deutsche Bank staff to learn fate — MASS LAYOFFS

Deutsche said it does not plan to raise capital to fund the revamp, which is expected to cost 7.4 billion euros by 2022, and will finance much of that cost by not paying dividends for the next two years.

Thousands of jobs in Deutsche Bank offices across Asia and Europe went last night, with more due to be axed in the U.S. as German's troubled largest bank starts a last ditch attempt to revitalise itself by shrinking its global and markets footprints.

Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank.

A few hours after the Hong Kong staff left, workers were seen leaving Deutsche Bank's office in the City of London, which along with NY is expected to bear the brunt of the cuts, carrying similar envelopes.

As a lender to Trump, despite a series of corporate bankruptcies and defaults starting in the early 1990s, two congressional committees have subpoenaed Deutsche Bank documents as part their investigations into the United States president and his company.

"It's a risky maneuver, but if it succeeds, it has the potential to bring the bank back on course", a person close to one of the top 10 biggest shareholders said.

"The significant downsizing of investment banking is a radical realignment of Deutsche Bank", which would stabilize German jobs in the long term, said ver.di Chairman Frank Bsirske.

The bank estimates this will save a whopping $11.9 billion in coming years. So far this year, it ranks 8th regionally for M&A activity.

Media reports in Reuters, Bloomberg and the Financial Times said hundreds of people across the 4,700 staff in four major Asian offices (Sydney, Tokyo, Hong Kong and Singapore) were terminated yesterday.

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Deutsche Bank said that it would also "resize" its fixed income operations - which principally involves government and corporate bonds - and will create a bad bank in which to place and offload its unwanted assets. A Hong Kong-based equities trader told Reuters that the mood inside his division was "pretty gloomy" as employees were being called to meetings. "[There are a] couple of rounds of chats with HR and then they give you this packet and you are out of the building", he said.

Several workers left offices holding envelopes with the bank's logo.

"If you have a job for me please let me know".

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".

Most of the staff employed in that division are based in London, New York and Hong Kong.

One senior banker, still in a job, questioned how well the slimmed down franchise could compete.

"Will clients stick with us or is the game over?" It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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