Deutsche Bank Firing up to 1,900 Wall Streeters
July 31, 2012 by Jon C. Ogg
Deutsche Bank AG (NYSE: DB) is going to please Wall St., although perhaps not its investment professionals employed by the bank. The company is suffering lower losses, so to combat that it will be laying off some 1,900 workers. The bank said that it has identified some 3 billion euros in cost savings and these cuts will be roughly 350 million euros of that savings contribution.
Wall St. beware … Deutsche Bank said that the job cuts would predominantly come from outside of Germany.
The German banking giant also said that it is targeting a fully loaded Basel III Core Tier 1 capital ratio of 8% for the end of the first quarter of 2013.
The Barclays PLC (NYSE: BCS) Libor scandal may not be a Deutsche Bank issue as the bank said its internal probe has cleared board members of wrongdoing. Still, it said that individual staff behavior did not meet banking standards and that it is cooperating with regulators n the interbank probe.
Deutsche Bank went on with another Wall St. warning as it said that the industry as a whole needs to change its compensation models.
JON C. OGG
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