Deutsche Bank gets ready for major overhaul
Deutsche Bank AG unveiled a dramatic overhaul that will see the bank exit its equities business, post a 2.8 billion-euro second-quarter loss and cut the workforce by a fifth.
The bank will cut a fifth of its work force and slash operations in New York and London
Stocks impacted: Deutsche Bank (DBK)
Against this backdrop, the lender will shelve the dividend this year and next and take restructuring charges of 7.4 billion euros through 2022. Deutsche eliminated whole teams at its Asian operations, starting to ax 18,000 jobs globally. As a reminder, Chief Executive Officer Christian Sewing flagged the restructuring in May, in an attempt to convince shareholders that he can turn around the lender after its shares hit a record low. The bank’s shares turned negative (-0.8%) after the initial jump by nearly 4.5%.
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