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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Deutsche Bank Axing Equities & Fixed Income Traders
Staff Cuts - Up to 6% in Fixed Income, 17% in Equities.
Deutsche Bank is about to eliminate staff in its global trading business - up to 17 % in equities and up to 6% in fixed income. CEO John Cryan is eliminating 9,000 jobs across the company to raise profitability and capital levels eroded by misconduct costs.
Deutsche Bank hasn’t said how the 9,000 jobs cuts, first announced in 2015, would be split across each of its businesses. On Thursday, management board member Christian Sewing reiterated that 4,000 of the cuts would be in Germany, most of them at the private, wealth and commercial clients unit, which he oversees.
The cuts in equities mark a contrast with the bank’s goals of growing in that business. Last April, CFO Marcus Schenck said, “we’re very committed to equities as part of our strategy, and we are reinvesting here in our confidence that we will regain market share.”
However, equity trading - which was expected to be flat - fell 23% in the 4th quarter. Debt-trading revenue rose 11%, though short of expectations. Troubles at many of DB's hedge fund clients was blamed for the weak showing in equities.