Deutsche Bank to cut over 7000 jobs

A sign for a pedestrians stand in front of the Deutsche Bank towers on the day of the annual meeting of the bank in Frankfurt Germany Thursday

Deutsche Bank to cut over 7000 jobs

Deutsche Bank has also signaled that its scaling back U.S. rates sales and trading, its corporate finance business in the U.S. and Asia and reviewing global equities.

Deutsche Bank's share price is now trading at just below €11, down more than a third from 2017's high of €17.57.

However, the reorganizing of Deutsche Bank brings up the question raised by EIR Founding Editor Lyndon LaRouche, who called for the bank to return to the sound commercial bank principles of its martyred Chairman Alfred Herrhausen, who was assassinated on November 30, 1989, rather than continue the failed universal casino banking model.

The 2018 error was caused by the input of euros instead of yen, Sewing told shareholders in Frankfurt on Thursday.

New CEO of Deutsche Bank Christian Sewing looks on prior to the annual meeting of the bank in Frankfurt Germany Thursday

Deutsche Bank's SA chief, Muneer Ismail, confirmed on Wednesday night that the global cuts would affect its South African advisory and equities business, but he did not answer specific questions on job losses.

"We will continue our activity as an investment and corporate bank and we will remain global but we must concentrate on what we really know well".

Deutsche's largest investment banking operation is based in the City of London. "We use this position as a global bank to keep our United Kingdom clients connected to markets, and help clients do business all over the world".

The reductions will reduce the investment bank's leverage exposure by 100 billion euros ($117 billion), or 10 percent, with most of the cuts to take place this year, the bank said.

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Shareholder advisor Hermes EOS said in a statement earlier this week that the bank should "start to consider plans for the succession of Paul Achleitner", calling for "more effective leadership and management stability" at Deutsche.

The cuts will cost the bank some €800m (£701m) this year.

"We remain concerned with their ability to generate free cash flow to support business growth post restructuring", it said, adding that to achieve its target for a return on tangible equity of 10 percent, Deutsche would need €6-billion of profit, something the broker viewed as highly unlikely.

Deutsche Bank closed 0.6 per cent lower at 10.90 euros in Frankfurt on Wednesday. "We need clarity on how the decisions will affect the bottom line".

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Shareholders called on Deutsche to speed up the recovery after months of internal turmoil.

Sewing was appointed to replace boss John Cryan in April, after the latter came under pressure with the third consecutive year of losses for the lender last year.

Although ex-boss Cryan was credited with neutralising the worst legal threats, including by paying billions in fines and compensation, he failed to drag the bank back into the black.

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