Published: Wed, July 03, 2019
Markets | By Otis Pena

Deutsche Bank blood-letting is a necessary start

Deutsche Bank blood-letting is a necessary start

Deutsche Bank's hiring push sees new additions in Asia, the Americas, and Europe with the promise of more to come.

The intensified scrutiny of Deutsche Bank, which has said it has no indication of any misconduct, comes at a delicate time as the Frankfurt-based bank seeks to revamp its struggling business and fix a reputation ravaged by a series of scandals.

He promised shareholders "tough cutbacks" to the investment bank to turn the lender around after it failed to agree a merger with rival Commerzbank. If approved, the plan to cut up to one in five full-time employees would be roughly double the last big round of job cuts under former Chief Executive John Cryan. On average, analysts expect that Deutsche Bank will post 0.59 EPS for the current year.

That high-profile raid tainted it for months, hitting its share price as well shaking confidence in the bank among government officials and its customers.

Deutsche Bank's (NYSE:DB) supervisory board will meet on July 7 to discuss a major restructuring at the German bank that could eliminate as many as 20,000 jobs, Reuters reports, citing people with knowledge of the matter.

"Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability", a spokeswoman said by email.

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"These investments will set us on the path to achieve our ambition of being a top-tier global wealth manager", says Fabrizio Campelli, Global Head of Deutsche Bank Wealth Management.

Other measures under consideration include a reduction in the size of the bank's nine-member management board, as well as the creation of a so-called bad bank to hold tens of billions of euros of non-core assets.

File picture shows the Deutsche Bank logo in front of its headquarters in Frankfurt, February 24, 2011. The company had revenue of $7.21 billion during the quarter.

Deutsche Bank Aktiengesellschaft provides investment, financial, and related products and services to private individuals, corporate entities, and institutional clients worldwide. That would mark a fourth consecutive year of decline, down more than 30% from 2015. The investment bank division will be represented by Sewing himself instead of having a seat on the Board's table.

The bank is said to have spoken with the German financial watchdog Bafin and the European Central Bank (ECB) about a reduction in the CET1 capital ratio, an important indicator of a bank's financial strength. The paper said that would free up 3.5 billion euros in capital.

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