The best regulated crypto exchange
Find out why?

Deutsche Bank Stock Plummets After Announcement of 18,000 Layoffs

By Andrey Kartsev
July 7, 2019, 1:25 AM GMT

    The stock price of Germany’s largest bank Deutsche Bank has lost 5.39% on Monday, July 8, after it announced 18,000 layoffs as part of a major restructuring.

    Deutsche Bank published a media release on its official website on July 7, detailing its “radical transformation” plan that aims to cut the company’s total costs by 25% by 2022. A major part of the new program is a significant downsizing of the bank’s investment department.

    Among the other measures that Deutsche plans to take are creating a new Corporate Bank division that will be comprised of two existing divisions, exiting the equities sales and trading business, as well as investing 13 billion euro ($14.6 billion) in technology over the next three years.

    According to the press release, these actions are expected to allow the bank to cut total costs by 6 billion euro ($6.7 billion) by 2022, down from the current figure of 23 billion euro ($25.8 billion).

    The markets have reacted negatively to Deutsche’s announcement — as of press time, its stock is trading at 6.78 euro ($7.6), having lost 5.39% on the day.

    According to a report by BBC, layoffs began as early as July 8, as some London-based employees of Deutsche Bank were told that they have until 11 a.m. to leave their workplace.

    Earlier in June, the New York Times


    that the FBI has launched an investigation into Deutsche for potential breaches of anti-money-laundering policy and other crimes.

    Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

        Subscribe to news
        The most beautiful trading app
        google play storeapple store