Deutsche-bust: German banking giant retreats back to the Continent

10 years ago Deutsche Bank commanded the heights of European and world banking. No longer.

(From CNBC)

Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.

Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022.

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Tears, suitcases and beer: the day the axe fell on Deutsche Bank’s London office

(From The Telegraph)

One person who was made redundant says that waiting to speak to HR was like “being in a hospital waiting room” with people crying and names being called out one by one to find out the details of their redundancy package.

At least these guys get severance. Thats more than most workers who get laid off.

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And this from 2 April of 2019 may have been a factor

(From The Guardian)

Deutsche Bank was embroiled in a vast money-laundering operation, dubbed the Global Laundromat. Russian criminals with links to the Kremlin, the old KGB and its main successor, the FSB, used the scheme between 2010 and 2014 to move money into the western financial system.

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