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Deutsche Bank axes 18,000 staff

Discussion in 'Business, Investment and Economics' started by greggles, Jul 9, 2019.

  1. greggles

    greggles I'll be back!

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    Deutsche Bank has sacked 18,000 staff from offices around the globe as part of a radical restructuring plan that involves the closure of its equity trading business and a cut to some parts of its fixed income operations.

    That's a huge amount of staff to let go and represents around a fifth of Deutsche Bank's global workforce.

    A restructure on this scale smacks of desperation. The equities trading business obviously isn't what it used to be.

    Is this a sign of things to come?

    screenshot-www.news.com.au-2019.07.09-12-09-53.png
    The bloke on the right doesn't look very happy. :(

    https://www.news.com.au/finance/bus...s/news-story/52e1fcd6057de7eb8c771bb789c7c3ef
     
    cynic likes this.
  2. Garpal Gumnut

    Garpal Gumnut

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    They are rooned.

    Luckily the ASX has been consistent with Australian economic activity.

    gg
     
  3. lusk

    lusk

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    Its an EU zombie bank, there are a few of them.
    Share price tells it all.
     
  4. Garpal Gumnut

    Garpal Gumnut

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    Some of the staff left in taxis according to the London Times.

    If it were me I would have taken a bus. They probably never have been on a bus.

    I really, really, really feel sorry for them.

    gg
     
    cynic likes this.
  5. greggles

    greggles I'll be back!

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    The article said they went down the pub:
    Good point, and fair enough. Although most probably picked up a carton on the way home. That redundancy package will only stretch so far.

    But I think these Deutsche Bank layoffs are a sign of something bigger. We've got an inverted yield curve in the US, which has occurred before five of the past six major market meltdowns. The DJIA is bouncing around just under 27,000 which it doesn't seem able to break through, just like early October last year.

    My view is it's time to go to cash. Europe is up the creek without a paddle and it's only a matter of time until the US market figures out that valuations don't match up with reality and then it's on for young and old.

    The DJIA has seen a more than 400% gain in a decade. Is it really justified? Even the GFC is starting to look like a minor downturn now. The big one is coming and it's coming soon. I'm calling the top of the market at a whisker under 27,000 on the DJIA.

    big.chart-DJIA-decade.gif
     
    Faramir and Garpal Gumnut like this.
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