Deutsche Bank's 18,000 job cuts tip of the iceberg for the finance industry

The so-called fintech revolution, where outsiders are taking over the traditional activities of established players (like payments, lending, depository) is the pinnacle of a new financial order

Deutsche Bank caused a recent stir with the seemingly sudden announcement that it would cut 18,000 jobs – one fifth of its global staff. It is part of a reorganisation designed to return the bank to its core business of corporate banking, private banking and asset management. Most of the job losses will be in the global equity traders and investment banking division Deutsche Bank stated in an announcement made on July 7.

Some may read the bank’s problems as the result of a bad strategy, bad execution, bad luck, or a