Published: Fri, April 27, 2018
Money | By Michele Stevens

Deutsche Bank to Scale Back US Business, Lay Off Staff

Deutsche Bank to Scale Back US Business, Lay Off Staff

Moreover, in the first three months of the year, brokerage activities recorded a decline of 17% on an annual basis in the Deutsche Bank house, against an average increase of 12% recorded by U.S. rivals.

Hedge funds will get less of Deutsche Bank's balance sheet to amplify their stock trades.

The UK's Barclays bank today announced a Q1 profit of £1.7 billion, a little better than many expected, but once a £1.4 billion pound fine from the US Justice Department was included (for selling sub-prime mortgages) and another £400 million hit for miss-selling PPI in the UK, - it ended up losing money. ValuEngine lowered shares of Deutsche Bank from a buy rating to a hold rating in a research report on Wednesday, February 7th. It will eliminate jobs in its investment bank, describing the cuts as a "material workforce reduction" through the rest of this year, without providing numbers.

Deutsche Bank said that the investment banking business would be aimed at its core European client base and on underwriting and financing areas in which it has a strong competitive position against other banks.

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"We have to act decisively and to adjust our strategy". "What the restructuring is missing is details for now". It will scale back trading in USA interest rates and focus on helping European clients do deals, manage their cash and global payments and hedge currency risks.

Thursday's announcement marks a retreat from decades during which Germany's largest lender sought to take on the largest Wall Street banks. That deal was a major step in the company's transformation because it expanded access to the world's biggest capital markets.

For the past months, Deutsche Bank had been reviewing the securities unit again to weed out unprofitable parts where it can no longer compete with its bigger USA rivals.

Marcus Schenck, the former co-head of investment banking who had been a strong internal contender to replace Cryan, left amid the recent management shake-up. The firm presently has a $16.00 target price on the bank's stock. It increased its estimate for restructuring expenses to 800 million euros this year, up from an earlier estimate of 500 million euros, Chief Financial Officer James von Moltke said.

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Deutsche Bank said reshaping the corporate and investment bank will mean headcount reductions in the affected regions and business areas.

Deutsche Bank said today that it plans to focus its consumer bank on growing markets like Italy and Spain while in wealth management, the bank will look to grow in Germany and in worldwide markets, Deutsche Bank said.

The bank has 10,000 employees in the United States, with the majority of these being employed in corporate and investment banking. Sales and trading revenues fell 17% to €2.4bn, with big drops across both equities and fixed income.

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