This report was originally published by Tyler Durden at Zero Hedge
As part of its latest disastrous earnings, which saw trading revenues tumble by 17% as new CEO Christian Sewing took over, we reported that Deutsche Bank announced a sweeping restructuring plan, abandoning its long-running ambitions to be a top global securities firm, scaling back U.S. rates sales and trading, reducing the corporate finance business in the U.S. and Asia, and reviewing its global equities business with a view toward cutting it back, the bank said in a statement. The measures will lead to a “significant reduction” in the 97,130-person workforce this year, Deutsche Bank said. We translated it more simply: massive layoffs.
Predictably, the German bank wasted no time, and according to Reuters and Bloomberg, the purge began overnight when Deutsche fired 300 U.S.-based investment bankers on Wednesday with another 100 pink slips expected over the next 24 hours.
In total, the biggest German bank plans to cut more than 1,000 jobs, or over 10%, of total US jobs in its initial restructuring phase. According to Bloomberg, the US hosts about 10,300 Deutsche Bank employees, or about a tenth of the firm’s global workforce.
In his earnings call comments, CEO Sewing stopped short of disclosing how many of the bank’s 97,103 jobs would be let go…
… while CFO James von Moltke also gave few clues as to how much of its massive 1.4 trillion euro ($1.7 trillion) balance sheet would be shed in the process. Von Moltke estimated restructuring costs for 2018 would rise to 800 million euros, up from an earlier estimate of 500 million euros, according to Bloomberg.
“These cutbacks will be painful, but they are unfortunately unavoidable if we want to be sustainably profitable in the best interests of our bank, our clients and our investors,” Sewing said.
As noted earlier, the bank plans to reduce its activities across the board in the U.S. including rates sales and trading and corporate finance. Areas where the investment bank still believes it can grow globally include foreign exchange, commercial real estate and structured equity financing, Garth Ritchie, head of the investment bank, said in a memo to clients obtained by Bloomberg.
Keep 10% of net earnings in cash outside the bank. An easier way to do this is to choose a set amount, say $100.00 dollars a week every week. Whether you turn some into silver or gold, still keep at least 1/3rd ($34 in this instance) as readily available cash.
It would really be bad if banks closed their doors. But it could happen. Having some cash is of vital importance. Nickels are nice. Pennies are pretty. Quarters are fine. But mine is the dime.
__ silver dimes rock
__
Keep ALL money outside bank…ever hear of paying utilities/groceries/gas by cash? Mortgage is the only thing here paid by check…oh, and credit card…paid every month full balance.
Off topic…sort of. North and South Korea just declared and end to the “war”. Who said it? Yep that’s right, I did. I guess we don’t have to worry bout that emp from da norks now.
I wouldn’t be so sure. I still think Porky could pull a fast one.
I keep 10% of yearly earnings in cash,
somewhere around the property.
I can’t readily convert PM’s into
anything useful with out losing a
fortune.
It’s a Start. YAY
ALERT, ALERT
Paul Martin has new info.
Listen to this. Something getting ready to happen. Looks like they are going after some high level preppers.
http://www.thecommonsenseshow.com/colorado-will-soon-be-the-new-capital/
HCKS
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Deutsche Bank, these banksters are still around? They are like the picture postcard boys for all that is wrong with the banking system.
If they are pulling out of the US there can be only one reason, they don’t see much business in either banking or investment being in the US in the future. It’s like the rats leaving a sinking ship.
Gee. I wonder why. [sarcasm]
ALERT
http://www.thecommonsenseshow.com/colorado-will-soon-be-the-new-capital/
Do not pay attention to the poster Handle called Redneck on this site. 100% TROLL. chi-coms are massing in Mexico, central America, and this is fact of life, because good trustworthy cops I know told me about this and they know about these facts about the air strips that the chi-coms and Russians built and have their TU back fire bombers and fighter jets stationed there, AND THIS IS FACT THAT CANNOT BE DISPUTED.
125,000 advanced Russian spetsnatz, advanced soldiers here to take out veterans, preppers, Patriots, etc and other conservatives, along with chi-com soldiers, including trinidadians, and other nationals, etc. They have been given armored motor cycles that can handle the terrain, that can withstand fire fights, with armor.
Martin is just confirming what I have already heard. And my message to that fake poster with the handle Redneck, who is on here pretending to be a read red neck, that lives in Mexico. That redneck handle, responded to my post a few weeks ago, taking crap about the new presidential candidate running in Mexico is a good guy, the same candidate who supports the cartel, is cartel and is very anti USA, and redneck said that he lives in Mexico. Don’t think that picking that handle legitimizes your bullshit info. Real red necks do not live in Mexico fool. You are a liar and troll, so just get your ass off this site. Real prepper need to listen to this link and listen to the audio on what Paul Martin just heard from John Moore and other sources coming straight from Langley Virginia.
HCKS..
Nice movie plot. You should send your writings to a HOllywood producer. Russian and Chinese invading America lmao!
Anonymous: Don’t be so rude and arrogant…you will be surprised one day when you are slurping a chink, yellow meat-stick and Ivan taking you from behind you big dummy you.
Wasn’t being rude and arrogant, can’t same the same for you though.
What’s up with the slurping a chink while being plowed by a russian?
It seems to me, the only thing you are concerned about is cock and ass ramming. Not exactly something to be proud of.
I don’t know how many Spetsnatz troops the Russians have, but it’s not 125,000.
Not far fetched. There was a report regarding I think The caravan that is coming or is here on our southern border that an inflow(?) of Russians from Canada into Washington State at the same time.
For several years the information regarding forces in Mexico and South America has been talked about.
China owns The Long beach Port in California don’t they, and are are probably behind the succession movement. And I bet as the people leave, they will take their vacated homes.
But in recent reports on the internet, incidents within the country such as the wild fires, train derailments, refinery explosions has not been labeled as acts of sabotage but it seems that evidence is pointing that something is loose in the country and it could be more than one team.
Also, in a report from some folks in Oregon and Dave Hodges, there is a radio station that is allegedly being used to transmit foreign languages. One comment is that there is a person speaking Chinese giving out numbers. There seems to be people monitoring this station
It has been posted on this site, on interstate signs, a few years in some areas in the west, Chinese on the back of some of the signs and color coding.
I was under the impression that the deployment of The National Guard to the border under the guise of securing it from illegals was really to gather information about cross border military activities.
But, what is believed is that when the ground war kicks off in Syria, then these events will kick off.
But I am reading about too many people having dreams about an invasion from a limited nuclear strike.
I don’t know. But, its likely.
But with the U.S. Occupied, some other countries wil run wild.
In the event of a Red Dawn type invasion some are thinking, it would be best for civilians they could, attach to a national guard unit and become part of it, having a military back ground in lieu of trying to be part of a civilian resistance that is unorganized and uncoordinated with the exception of the militias that are already formed.
But, no one really is believing such an event would/could occur. Therefore it can.
We live in a changing world that grows more dangerous each day.
Good deal for the Americans if they’re smart enough to get the hell back to the US. Europe’s going down like it has a coupla few times before last century. Gotta wonder just what the locals are going to do with all those ‘refugees’ that’ll be clamoring for their virgins. Lade deine Gewehre.
The trouble is that the US is going down, too. Our debt and debt accumulation is out of control, and can never be repaid. Illegal immigration into the US is out of control and dwarfs what is happening in Europe. The “recovery” is a complete lie, phony data based nothing more than a fully-rigged, manipulated and controlled financial system. The US is broke and bankrupt. The West is dead.
tb-e, I know you’re right. My basic premise is that it is a necessary ‘evil’ that we face. For all you state is true; moreover, this entire social fabric of ours’ is flawed. We need the drastic purging of all that is to return to what we know worked. I’m sitting here typing to you a response when I’d far prefer sitting across from you at a table doing so face-to-face. So much is lost in the lack of seeing, really exchanging views in what we call social media. So much has been lost in terms what we hold to be normal and not aberrant behaviours. The family, the working middle-class is being crushed and destroyed. Too many think that (as my Father used to put it) “the world owes you a living?”. Personal responsibility, characteristics like honor, dignity, integrity, sacrifice, self-denial to gain a greater goal are all disappearing. Your statement that the US is broke and bankrupt is more than financial. It is …. at the core of human ‘being’ here. Let it go down. We need it to to maybe, hopefully, learn the lesson we’ve staved off for far too long.
Unemployed Bankers sounds like a great song but a verse or two in its lyrics are unemployed, butchers, bakers and candlestick makers. None of this occurs in a vacuum.
Well, now that the Germans have repatriated all their gold they just don’t need us anymore. Who can blame them.
I certainly got no problem with it,,,
Bankers and financial people are pretty much just leeches anyway
didn’t think they got all their gold yet!
You can keep banning me Mac but you are going to humble yourself before the Lord God Almighty.
HAHAHAHA!!! Bankers getting the axe and bleeding out.. HAHAHAHA!! Karmic justice at its best.. KEEP ON CHOPPING Deutsche Bank….make em suffer.
Gotta love it when the elite EAT THEIR OWN in their greed. Useless industry that thrives on human suffering and enslavement. they can start jumping from windows and rooftops.
Maybe they will land on some lawyers (hopefully)…
DNJ, 100%+ in agreement. I had the opportunity recently to ask an attorney which profession was more crucial to society. He of course answered his own. A bunch of garbage about seeing the laws applied properly and so on. I stopped him and said, “no Sir, you’re wrong….it’s the trash collectors”. I went on to tell him that many if not most other professions are more important. Plumbers, carpenters, mechanics…. and moreover, all of those more so than medical doctors. He didn’t get it. Until I explained that we can live without legal bickering and even life-extending aid to individuals; but, far more – most of the real society we live as a part of – cannot live long or well in a world filled with trash, dirty water and no sewers, deal with weather without homes and shelter or without all the devices we use to travel, farm, build…. Any one of which professions are more crucial to our way of life than any law or medical venue. So, I then asked him – so tell me, why is it that those two professions earn/charge more than the others? He had no real answer. yeah…. drop the bankers from on up high onto all the damned lawyers.
Heartless, LOL. Good for you. Glad to hear a lawyer get a dose of his own medicine.
I had read a few years ago that the start of the disastrous economic downturn that this bank would be a significant cause of the collapse. Can’t remember the article totally.
Already, regardless of what is said, there is a significant increase in my grocery bill, buying nearly the same items I purchase regularly.
Also, a slight increase in gas prices in my area.
Price increases have a bad habit to sneak up on you when yo really don’t pay close attention.
I really do NOT feel bad for these immoral, lying bunch of bastards, as the vast majority only care about how much money they will make and don’t give a squirt of “bodily fluid” about us, the average suckers hardly living cruddy paycheck to cruddy paycheck and on and on. I don’t care, just let it ALL crash and burn now that I think about it. Corporate America and this crooked, corrupt, incompetent Federal Gov’t are responsible for so much of this mess, making our daily lives miserable and extremely difficult and all of that. Bankers are about the LAST group I will shed a single damn tear for. . .
Rats are disgusting, but the sight of them swimming away from any ship that you are on is not a good sign!