Deutsche Bank shocks with warning of €6bn losses

The cracks are beginning to show. The chickens from the $72.8 trillion exposure to derivatives are also yet to come home to roost.

 

In a late night announcement that shocked analysts, Germany’s biggest bank blamed huge impairment charges of €5.8bn for the unexpected losses. Forecasts had been for profits of around €1bn.

Continue reading

Deutsche Bank to Cut Workforce by a Quarter: Report

Preparing for rough times ahead:

 

Frankfurt: Deutsche Bank aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank division, financial sources said on Monday.

That would bring the group’s workforce down to around 75,000 full-time positions under a reorganisation being finalised by new Chief Executive John Cryan, who took control of Germany’s biggest bank in July with the promise to cut costs. Continue reading