The Financial Collapse of 2001 Unwinding Message Board

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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding

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To: Snowshoe who wrote (2751)	7/8/2019 2:09:34 PM
From: Elroy Jetson	Read Replies (1) of 13801

18,000 employees axed at Deutsche Bank, 20% of their total staff, as DB closes their equities sales and trading business. DB has also created a "bad bank" for €74 billion ($83 billion) of 'assets' that have "eaten up too much capital" and will be sold over a period of years. CEO Christian Sewing called the moves "a restart." A DB Floor Trader is quoted saying, "Life is obviously going to suck for a couple of years.” Sewing had previously cut 3,000 jobs in the retail and commercial banking division where he spent his career in audit and risk management prior to becoming CEO. Separately, German chemical giant BASF cut 6,000 or 5% of their total number of employees. Duetsche Bank employees leaving with white exit packets \

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