business

Deutsche Bank to lay off 18,000 employees worldwide

6 Comments
By Tom Sims, Paulina Duran, Sumeet Chatterjee and Matt Scuffham

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problem is banks left traditional business and went into derivatives, that only took the toll in subprime due meaningless packaging in the interest of generating untenable profits, unless such desires are not disciplined, the volitality will continue and affect the lives of wage earners.. the defect lies with bank governance besides politicians all over the world.. I think soon Marxism might resurrect. Capitalism and consumerism are not meant for this world of poor people mostly because the man on the street is still poor and inequality of wealth and poor cannot sustain together, unless there is some discipline in the very governments world over. As Einstein said, if you run at light speed time has no relevance. Only space is relevant as there is no three dimensional length, breadth and height work as needed in symphony.

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How very philosophical.  Banks struggle because the years of excess when they ripped off clients and many of the staff made obscene money are over.  and turns out these folks weren't just clever they were also engaged in all sorts of misconduct.  Oendulum has now swung the other way and we arer seeing heavy handed regulation and risk aversion.  Which makes it difficult to make money.  The big US banks are doing ok.  and some of the UK and Europeans because they have been taking their medicine for the last decade.  DB was in denial and so is now having to take this pain.  Pity is that quite a few DB people here in Tokyo have lost their jobs on the wheel of DB's global failure.

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How many staff did DB have in Tokyo ?

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Not just DB, the entire Euro banking sector has been in denial since the financial crash. Where as US and UK banks have worked to mend their balance sheets this just has not happened in Europe so now their banks are in the position US and UK banks were a decade ago. That combined with managerial hubris and failure at DB has lead to this inevitable conclusion.

DB will not fail because the German government will not allow it to.

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Deutsche Bank is big in Germany, so they'll be fine there

They expanded abroad to try to play with the big international banks - and didn't do too well

That's why they're retreating back to serving mainly just Germany

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To those in DB who've lost their jobs, chin up, you're not alone, a lot of us have been there before. Good luck in the future, and don't despair.

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