Deutsche Bank CEO suggests robots could replace half the company’s 97,000 employees

John Cryan, CEO of Deutsche Bank (Thomas Lohnes | Getty Images)

 

Some very smart people say that robots are going to steal your job.

Researchers at Oxford University estimate that 47 percent of U.S. jobs could be replaced by robots, automated technology and automated intelligence (AI) within the next 20 years. Jeff Hesse, PwC principal and U.S. people and organization co-leader, tells CNBC Make It, “The displacement is already beginning to happen.”

Elon Musk told the National Governors Association, “There certainly will be job disruption. Because what’s going to happen is robots will be able to do everything better than us.” Musk even went so far as to say that “AI is a fundamental risk to the existence of human civilization.”

Deutsche Bank MELTDOWN: Shares plunge as bank tries to raise £6.9BILLION in call for cash

Deutsche Bank’s share price plunged on Monday [Bloomberg]

 

DEUTSCHE Bank shares have dived by six per cent after it announced a shock share sale aimed at raising €8billion (£6.9bn) of cash in a desperate bid to shore up the German giant.

The chief executive John Cryan previously said such a move would be a last resort for the bank.

Now Germany’s largest lender wants to raise the extra capital amid reports of more legal issues, which could lead to more big fines for the troubled firm.

It is the fourth time the bank has had to turn to investors for extra cash since 2010 and suggests Mr Cryan’s previous plans to save the bank have failed.

Deutsche Bank “Is Probably Insolvent”

This is getting to be a habit. Previous late summer holidays by this correspondent coincided with the run on Northern Rock, and subsequently with the failure of Lehman Brothers. So the final crawl towards the probable nationalisation of Deutsche Bank came as no particular surprise this year, but it is tiresome to relate nevertheless.

The 2015 annual report for Deutsche Bank runs to some 448 pages, so one rather doubts if even its CEO, John Cryan, has read it all, or has a complete grasp of, for example, its €42 trillion in total notional derivatives exposure.

US accused of waging economic war on Deutsche Bank

Global Geopolitics called it, you witnessed it: The United States and Germany, though the European Union it dominates and runs, are locked in economic warfare against one another.

It’s a very dangerous game America is playing by trying to gut the largest economy in the world, the European Union, especially when nations are beginning to jump to the Sino-Soviet bloc.

 

German parliament’s economics committee chairman Peter Ramsauer says he believes the $14 billion fine being leveraged against Deutsche Bank is part of a long US tradition of waging trade and economic war.

• Ramsauer to Welt am Sonntag: Washington has a “long tradition” of waging trade wars, if they are favorable to the US economy, and the Deutsche Bank case is an example of that.
• “The threat to force Deutsche Bank to pay a $14 billion fine over its mortgage-backed securities business before the 2008 global crisis has the characteristics of an economic war.”
• “Extortionate damages claims” in the case are an example of that.”

Deutsche Bank seeks to reassure investors as shares slide

Stock drops as much as 7% sparking sell-off in European banks

Deutsche Bank sought to convince investors that it did not need a government bailout and had no plans for a capital increase on Monday morning, even as its shares fell to their lowest level in more than 20 years.

Shares in Germany’s biggest bank sank by as much as 6.9 per cent to €10.63, the lowest since the lender began trading on the Xetra exchange in 1992, although it traded below that level in the early 1980s. The stock has fallen more than 50 per cent so far this year.

Deutsche Bank CEO calls for cross-border bank mergers in EU

Deutsche Bank CEO John Cryan has called for cross-border bank mergers in Europe.

• John Cryan: “We need more mergers, at a national level, but even also across national borders.”
• “Scattered regionalism among banks placing unacceptable squeeze on bank profits and long-term sustainability.”
• Top executives of Deutsche Bank and Commerzbank held talks on a potential combination in early Aug.
• Source: “There was a round of talks in late August in which (Deutsche Bank Chief Executive) John Cryan and (Chief Financial Officer) Marcus Schenck were present.”
• Deutsche and Commerzbank combined market value 26 billion euros ($29 billion), half of France’s BNP Paribas.
• Both Deutsche and Commerzbank slipping down the rankings of the continent’s top banks.
• Georg Fahrenschon, savings bank association head: “Recent demands for fundamental consolidation among banks are not appropriate.”
  

Deutsche Bank Profit Plunges 98% And The Worst Is Yet To Come

The latest confirmation that Germany’s troubled banking giant Deutsche Bank is unable to navigate the troubled waters of NIRP came on Wednesday when the bank announced that its second-quarter net income fell 98% from a year earlier, hurt by weaker performances in trading, investment banking and other core areas. The lender said net income tumbled to €20 million ($22 million) from €818 million a year earlier, modestly better than the €22mm loss expected, while net revenue dropped 20% to €7.4 billion.

After rebounding modestly on the beat, the bank’s shares fell tumbled 5% on Wednesday morning, their lower level in 2 weeks; today’s decline has dragged DB stock 45% lower in 2016, making it one of Europe’s worst performers YTD (the Stoxx 600 is down 27% in 2016).

Deutsche Bank’s Lehman Behavior Signals a Looming Stock Market Crash

Yesterday, Deutsche Bank AG‘s (NYSE: DB) co-CEO John Cryan released a surprise memo saying its balance sheet “remains absolutely rock-solid.” His assertion comes amid fears that the investment bank is unstable (an understatement) – which could be emblematic of a broader European bank fueled stock market crash.

…

Releasing a forced statement to the worrying public is something Lehman Brothers did just before it collapsed in 2008. The now-defunct corporate banking giant assured investors that it had enough liquidity to weather the financial crisis in 2008.

Deutsche Bank to cut 15,000 jobs as it stumbles to €6bn loss

Germany’s biggest bank also plans to pull out of 10 countries and to sell units with another 20,000 workers

Deutsche Bank’s new chief executive John Cryan has vowed to chop the giant lender down to a more manageable size after it made a record loss of €6.01bn in the third quarter.

In a bid to return to a sustainable profit, Germany’s largest lender will slash its workforce, suspend its dividend for two years and pull out of 10 countries.