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View Full Version : The official "Bloodbath in the City... doomed!" thread



AtW
29th October 2015, 17:18
City of London braced for major job losses at Deutsche Bank

Heavy job losses are feared in the City of London after Deutsche Bank set out plans to boost its performance by axing 15,000 roles and selling off operations employing a further 20,000.

The move comes as the new boss, John Cryan, conceded that Germany’s biggest bank would not pay a dividend for two years as it battled to restore its fortunes after being stung by legal costs and fines. The bank also faces investigations over alleged Russian money laundering.

Cryan previously announced a restructuring of the investment bank, which employs thousands in London’s financial district, after a €6bn (£4.4bn) loss in the third quarter. The loss was caused by the sale of its Postbank retail banking division, a €600m writedown on the value of its 20% stake in China’s Hua Xia Bank, and €1.2bn in litigation costs.

Deutsche will close operations in 10 countries – Argentina, Chile, Mexico, Peru, Uruguay, Denmark, Finland, Norway, Malta, and New Zealand – and halve the number of customers in its investment bank, where 30% of clients produce 80% of the revenue.

Source: City of London braced for major job losses at Deutsche Bank | Business | The Guardian (http://www.theguardian.com/business/2015/oct/29/city-braced-job-cuts-deutsche-bank)

suityou01
29th October 2015, 18:06
When Greece defaults that should about be the end of DB. Won't take much more.

AtW, do you think this is a reaction to the VW scandal?

Dallas
29th October 2015, 19:38
They can't shift anyone in Germany though, they have a history Of laid off workers heading for the train lines and jumping.

I was there 3 years on several programmes, they were good to me but it is very American cultured.

AtW
29th October 2015, 19:51
When Greece defaults

When will that be?

tomtomagain
29th October 2015, 20:29
Don't worry. It's just the economy re-balancing away from finance.

It's a good thing.

suityou01
29th October 2015, 22:53
When will that be?

You read the papers, right?

AtW
29th October 2015, 23:03
You read the papers, right?

Yes.

AtW
29th October 2015, 23:06
Don't worry. It's just the economy re-balancing away from profits.

FTFY

suityou01
30th October 2015, 07:29
Yes.

Read all about it, read all about it ...

http://www.ft.com/cms/s/0/c8f8e29c-65d1-11e5-9846-de406ccb37f2.html#axzz3q2ALopOl

Cirrus
30th October 2015, 08:07
I've earned a lot of money over recent years cleaing up messes - HSBC's global money laundering, Virgin Money picking the bones of Northern Rock, Citi having to sell off its retail loan portfolios and Deutsche itself - toxic mortgages.

Banks over the last 20 years have made very pedestrian profits if you factor out all the wild gambling and consequent bale outs but we consultants don't make money off business-as-usual. We thrive on ebb and flow, rise and fall. The last thing we want is the likes of Deutsche to tick over like a swiss watch. It's about building and demolishing. Architects and demolition experts get paid a lot more than janitors and window cleaners.

alphadog
30th October 2015, 10:57
More doom over at HSBC

HSBC cuts IT contractor pay rates :: Contractor UK (http://www.contractoruk.com/news/0012276hsbc_cuts_it_contractor_pay_rates.html)

FatLazyContractor
30th October 2015, 11:05
:popcorn:

BlasterBates
30th October 2015, 11:49
Doom at RBS

RBS Investment Bank's Loss Almost Doubles Amid Overhaul - Bloomberg Business (http://www.bloomberg.com/news/articles/2015-10-30/rbs-investment-bank-loss-almost-doubles-as-overhaul-continues)

_V_
30th October 2015, 12:20
Doom at RBS

RBS Investment Bank's Loss Almost Doubles Amid Overhaul - Bloomberg Business (http://www.bloomberg.com/news/articles/2015-10-30/rbs-investment-bank-loss-almost-doubles-as-overhaul-continues)

HTF can these banks lose money? Surely they can borrow it from central banks at negative interest rates and then buy a few London properties in Mayfair? Easy double your money, rinse and repeat.

Dallas
30th October 2015, 12:22
Rent, legal fees, fines, IT projects that go boom and us - easy!

OwlHoot
30th October 2015, 12:51
I've earned a lot of money over recent years cleaing up messes - HSBC's global money laundering, Virgin Money picking the bones of Northern Rock, Citi having to sell off its retail loan portfolios and Deutsche itself - toxic mortgages.

Banks over the last 20 years have made very pedestrian profits if you factor out all the wild gambling and consequent bale outs but we consultants don't make money off business-as-usual. We thrive on ebb and flow, rise and fall. The last thing we want is the likes of Deutsche to tick over like a swiss watch. It's about building and demolishing. Architects and demolition experts get paid a lot more than janitors and window cleaners.

Nicely put, and very true.