Monday December 9, 2019

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

Ian Guider

Markets Editor

14th July, 2019
A man leaving a London office of Deutsche Bank, which has confirmed plans to cut 18,000 positions across its global businessPA

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...

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