Deutsche Bank to cut 35,000 jobs, exit 10 countries

[webfact]

Deutsche Bank to cut 35,000 jobs, exit 10 countries
Arjun Kharpa

FRANKFURT: -- Deutsche Bank on Thursday said it would reduce its workforce by some 9,000 full-time jobs by 2020 and close operations in 10 countries.

About 6,000 external contractor positions will also be scrapped by 2020. In addition, the bank plans to dispose of assets with a total cost base of approximately 4 billion euros and another 20,000 jobs over the next 24 months.

The bank will withdraw from Argentina, Chile, Mexico, Uruguay, Peru, Denmark, Finland, Norway, Malta and New Zealand. It also plans to dispose of its Postbank retail bank.

New chief executive John Cryan told a press conference Germany continued to be the bank's most important market.

Full story: http://www.cnbc.com/2015/10/29/deutsche-bank-reports-q3-net-loss-of-60b-euros-barclays-h1-pre-tax-profit-398b.html

-- CNBC 2015-10-29

[Andaman Al]

I wonder if they have a significant share holding in Volkswagen

[NeverSure]

^^^ Probably just significant loans. Germany is panicked about the fallout from VW. Just since this fraud announcement, Toyota passed VW as the world's #1 automaker.

Germany's latest in a long line of attempts to rule Europe is failing again. Maybe Sharia law will have better luck in Germany. It's time for smarter countries to begin exiting the EU.

[micmichd]

Maybe Deutsche Bank put too much effort in short sellings and credit default swaps, "business models" that ruin a national economy and would be banned in a Sharia bank.

Edited October 30, 2015 by micmichd

[korkenzieher]

Deutsche putting its house in order is well overdue. It is exposed to sovereign debt more than it cares to admit - but some of the practices mentioned above are less its style. If you want to know who holds the 'under water' default and credit swaps, or CDO's - look no further than the Landesbanken!

[micmichd]

Yes, I know.

I worked at Deutsche Bank when they got restructured to become a "global player" (merger with Bankers Trust etc.)

And I worked for Commerzbank, they got hit really hard by the real estate crisis in 2007/8, and then had to merge with Dresdner Bank to become "too big to fail"

I'm not an insider at Landesbanken, though.

[abrahamzvi]

^^^ Probably just significant loans. Germany is panicked about the fallout from VW. Just since this fraud announcement, Toyota passed VW as the world's #1 automaker.

Germany's latest in a long line of attempts to rule Europe is failing again. Maybe Sharia law will have better luck in Germany. It's time for smarter countries to begin exiting the EU.

NeverSure, I don't think you know very much, or anything, about Germany. Yes, the VW affair has shaken Germany. The Deutsche bank is paying for its sins, but it will recover. Germany has never wanted to rule Europe since the end of WWII and if the EU collapses as you seem to wish, the loser will not be Germany. SP has just announcesd that if the UK deceides to leave the EU, its Loan Grading will be reduced two steps. Other measures will follow. What is wrong with the EU??? It is not perfect, but it is the best Europe has achieved in hundreds of years. Let's hope that one day we have a United States of Europe.

[wabothai]

why withdraw from Denmark and Norway?