I hop on Linkedin this morning to see
Following “years of decline,” Deutsche Bank says it’s closing its equities business, as well as cutting 18,000 global jobs by 2022. In its attempt to restructure and boost profitability, the German lender announced that it would lose roughly $3.1 billion in the second quarter, with its restructuring plan costing close to $8.3 billion by the end of 2022. Deutsche Bank has been rocked by investigations and fines stemming from the financial crisis and other issues in recent years
Why do people keep posting about this on the IB forum? It's not news to anybody, and if it was, they would have noticed from the last 4 threads with essentially the same title. Not to mention the fact that your quote is about S&T and has nothing to do with IB.
To be fair IBD is the most active forum so you're more likely to get a reply here.
That said it doesn't look like Deutsche's IBD is substantially impacted by these cuts.
Exactly, I wanted ppl who were impacted to be able to see it as well
ER/ECM will also take a cut due to this. It will slowly have repercussions onto their service for IBD.
Its trending everywhere that's probably why
I can move the category to S&T for sure. But like they mentioned it is trending all over and I'm sure many people here have lost jobs too
You're missing the point. This has been posted countless times on WSO within the past week, so the post is entirely redundant.
DB Exits Global Equities
THE END OF THE FOURTH REICH: Is Deutsche Bank DEAD?
Whats Going On At Deutsche Bank, And How Will Incoming Analysts Be Affected?
DB Exiting Global Equities Business
Deutsche Bank FT Offer — Would You Take It?
Incoming FT Analyst At Deutsche Bank
Honestly did not see those ones. Thx for letting me know
In all fairness that first post was deleted and the rest barely have comments and this one already has a bunch.... If only 1 person comments on the other ones they aren't very helpful to get pals general opinions
In the short term, this definitely does suck, but at the same time, it's good to see that the firm is taking some really serious steps to improve itself. While jobs at Deutsche are probably going to be in short supply in the coming years, it's better that the firm put forward a more honest picture of its happenings.
I agree. Most people think it is long overdue
Interesting to note that a lot of equities S&T jobs will stick around as caretakers of the new 'bad bank'. Doubt these roles will be popular internally and there will likely be high attrition.
I’ve seen a lot of bearish takes.
Cutting businesses that have synergies. Can no longer be a full service bank and will lose customers due to this.
Balance sheet is a mess and the restructuring charges will wipe out a ton of their capital.
It sounds to me at the end of this what’s even left of db will be sold off in pieces.
Also disorderly wind down of some assets so more losses there.
My guess this ends up being the first step in a full windown. Db name will go down with Lehman and bear but slowly.
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