{"id":358592,"date":"2018-04-27T03:33:11","date_gmt":"2018-04-27T02:33:11","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/deutsche-bank-fires-400-us-bankers\/"},"modified":"2018-04-27T03:33:11","modified_gmt":"2018-04-27T02:33:11","slug":"deutsche-bank-fires-400-us-bankers","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/deutsche-bank-fires-400-us-bankers\/","title":{"rendered":"Deutsche Bank Fires 400 US Bankers"},"content":{"rendered":"<div id=\"\">\n<p>As part of its latest disastrous earnings, which saw trading revenues tumble by 17% as new CEO Christian Sewing took over,\u00a0we reported\u00a0that 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 \u201csignificant reduction\u201d in the 97,130-person workforce this year, Deutsche Bank said. We translated it more simply:\u00a0massive layoffs.<\/p>\n<p>Predictably, the German bank wasted no time, and according to\u00a0Reuters\u00a0and\u00a0Bloomberg, 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.<\/p>\n<p>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\u2019s global workforce.<\/p>\n<p>In his earnings call comments, CEO Sewing stopped short of disclosing how many of the bank&#8217;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&#8230;<\/p>\n<\/div>\n<p><a href=\"https:\/\/redice.tv\/news\/the-purge-begins-deutsche-bank-fires-400-us-bankers\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As part of its latest disastrous earnings, which saw trading revenues tumble by 17% as new CEO Christian Sewing took over,\u00a0we reported\u00a0that 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. [&hellip;]<\/p>\n","protected":false},"author":2520,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-358592","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/358592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/2520"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=358592"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/358592\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=358592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=358592"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=358592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}