Deutsche troubles are a warning to all Euro banks
German firm Deutsche’s axing of 18,000 jobs reflects the inability of the European lenders to compete on a global scale, as well as their domestic struggles
Christian Sewing, the chief executive of Deutsche Bank, was possibly understating the firm’s decision to cut 18,000 jobs when he described it as a difficult and painful day.
As he was speaking to the media, hundreds of workers in Hong Kong and London were being told that not only were their jobs being eliminated, but they would need to clear their desks within hours before their office passes were deactivated.
The optics were not helped...
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