18,000 jobs lost due to radical banking at Deutsche Bank

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Deutsche Bank has announced that it will close down its equities trading business, cutting 18,000 jobs and hiving off €288bn of assets into a bad bank. The new plan represents a retreat from the ambition of becoming Goldman’s Sachs main rival and a return to financing corporate clients and retail banking. This series of events has pushed down the bank’s share price down to record lows.

The Financial Times, Stephen Morris in London and Olaf Storbeck in Frankfur, July 7th 2019

The Financial Times, Olaf Storbeck in Frankfurt, Stephen Morris in London, Leo Lewis in Tokyo and Stefania Palma in Singapore, July 8th 2019