hp for ($i=0; $i]+>!is", "", $news['Contains'][$i]['Body']); ?>

New Deutsche Bank Boss To Slash Investment Bank In US

New Deutsche Bank Boss To Slash Investment Bank In US

New Deutsche Bank Boss To Slash Investment Bank In US

Deutsche Bank has long grappled with falling revenues.

The bank said the move to reallocate resources and scale back in areas where management feels Deutsche Bank no longer has a competitive advantage will allow it focus more on businesses where it is in a dominant position, such as global payments and foreign exchange markets. Euro exchange rates and some one-time events helped amplify the trading-revenue declines. The company had revenue of $6.72 billion during the quarter.

The recent appointment of Sewing - who has a background in retail banking, auditing and risk - had suggested a shift away from the investment bank. He promised further changes in coming months, saying that he and other Deutsche Bank executives understand why investors have lost patience. Mr. Cryan hasn't commented on the criticism.

In a quarterly-earnings statement Thursday, Deutsche said it would scale back certain areas of its struggling global investment banking business as part of a firm-wide restructuring meant to reverse declining profits.

The bank said it would scale back U.S. rates sales and trading and it would undertake a review of its global equities business "with the expectation of reducing its platform". A Deutsche Bank veteran who started as an apprentice, Sewing is accelerating a push to refocus the lender on its European home market and reverse a two-decade effort to compete head-to-head with the large Wall Street firms that dominate volatile securities trading. The bank will also continue to shed real estate.

Auntie Pippa pops in to see baby prince
Meanwhile, official commemorative souvenirs marking the birth of the Duke and Duchess of Cambridge's baby son have gone on sale. At this time , the name of the new royal baby has not been announced, but he will still have a mouthful of a title regardless.

Lords Defeat May Again on Brexit, This Time Over Rights
The question of whether to leave the customs union goes to the heart of the kind of Brexit the United Kingdom will get.

Shooting at Florida school as students stage walkout
Five students were suspended by school administrators, said Myers Park senior Nicholas Hicks, who said he was one of them. Students from Fayetteville High School are pushing for tougher gun reform as part of a National School Walkout.

The German bank announced earlier this month that former chief executive John Cryan would leave after failing to turn an annual profit during a tenure that lasted under three years. IPG Investment Advisors LLC bought a new stake in Deutsche Bank in the 4th quarter valued at $991,000. That new operations chief, Frank Kuhnke, won't serve on the management board, unlike his predecessor; the role was downgraded to one level below the senior ranks. Investors and analysts have been demanding that executives clarify the bank's strategy, with some saying its USA investment bank should give up competing head-to-head with bigger, stronger US competitors.

According to Zacks, "On the NYSE, shares of Deutsche Bank have underperformed the industry, over the past six months".

Even compared to other European investment banks still battling through multiyear turnarounds, Deutsche Bank's challenges are enormous, investors say. This will entail a drastic downsizing of interest rate trading in the U.S. and corporate banking in America and Asia, the bank noted in a statement.

For years it has tried to compete with the major Wall Street investment banks, but now Deutsche Bank, the leading German bank, has made a decision to throw in the towel and is preparing for a withdrawal from the American and Asian markets to focus on European customers.

Related news