Deutsche Bank was founded in Berlin in 1870 as a specialist bank for financing foreign trade and promoting German exports. Deutsche Bank swung to a loss in the first quarter and the outlook for the full year darkened, underlining the impact of a costly overhaul and pressure on … "The key challenge is execution. "Most of the questions today are not around whether they can cut costs," said Andrew Stimpson, an analyst at Bank of America Merrill Lynch. Shares fell more than 5% Monday in a stinging vote of no-confidence, and were trading another 4% lower on Tuesday. Discount brokers, which focused primarily on buying and selling securities, seized the opportunity to court more seasoned investors who might not require the advice or research offered by established brokers. Acquisitions are part of its ambition to become a major player in investment banking. There also is the issue of being involved with Donald Trump and … ET by Pietro Lombardi Deutsche Bank swings to profit, revenue grows Deutsche Bank posts worst quarterly loss in four years, Deutsche Bank chief rebukes executives over suit-fitting on cuts day, Deutsche Bank 'faces US investigation' over work for Malaysia's 1MDB fund, Deutsche Bank bosses fitted for £1,200 suits as thousands lose their jobs, Deutsche Bank starts cutting London jobs with 18,000 at risk worldwide, Deutsche Bank boss Christian Sewing not squeamish about job cuts, By blaming 'industry challenges', Deutsche Bank is clutching at straws, Deutsche Bank staff sent home as 18,000 job cuts begin - as it happened, Profile of Deutsche Bank boss Christian Sewing, Nils Pratley: Deutsche Bank is clutching at straws, reports that senior Deutsche executives blocked employees from alerting the federal government about suspicious activity alerts, In 2008 Trump claimed the financial crisis was an unforeseen event. "The extent of the restructuring indicates an acceptance and willingness for change," Thomas Hallett, an analyst at Keefe, Bruyette & Woods, said in a note. Half of the floor is gone and others are just waiting to be called in. In September 2016, its shares slump on news that the institution faces a $14bn charge over mis-selling mortgage securities in the US. Deutsche’s boss Josef Ackermann, a Swiss banker, stepped down after a decade in the top job in May 2012. The bank is fined a further $258m in the US for doing business with US-sanctioned countries like Iran and Syria. Deutsche has been engulfed in a spiral of declining revenue, enduring expenses, a declining credit rating and hence, a rising cost of capital. ", Two decades ago, Deutsche Bank dreamed of competing with, But the bank has struggled over the past decade. The bank’s entanglement with the Trump family dates back to the 1990s when Bankers Trust continued to lend to him when others had pulled out. To analysts, the logic behind the restructuring program makes sense. All rights reserved. The statute laid great stress on foreign business: ", The company will now try to return to its roots with. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. The time horizon — the bank wants to offload its unwanted assets and increase core revenues by 10% to €25 billion ($28 billion) by 2022 — is making investors nervous. Below is an excerpt from an article posted by Super Station 95 News NY. There was a very quick meeting and that was it.”, An equities trader emerged from Deutsche Bank’s London offices and headed to the pub, saying: “I got laid off; where else would I go?”, Another equities trader in Hong Kong said their offices had been gripped by news of the layoffs: “There is hardly any work getting done today and folks are just mailing or calling friends or headhunters. The Times report comes after Germany's two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Disclaimer. It consolidates its US operations into one, in an effort to take on the big beasts of Wall Street such as Goldman Sachs, and in 1999 it builds on its US foothold by snapping up New York-based Bankers Trust for $10bn (£8bn). He was succeeded by joint chief executives Anshu Jain and Jürgen Fitschen, who resigned in the wake of the Libor scandal. Up to the 2008 banking crash, Deutsche Bank was a leader in bundling up homeowners’ debt into huge packages and selling them to investors. Here’s a re-cap of what’s happened at Deutsche Bank over the past 15 months: In April of 2014, Deutsche Bank was forced to raise an additional 1.5 Billion of … The company fell from fifth to sixth in the global rankings for that business between 2017 and 2018, according to banking research firm Coalition. London (CNN Business) Deutsche Bank's $8.3 billion transformation comes with a promise: This time will be different. That's not the kind of momentum it needs. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. 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