Germany's largest lender said on Sunday it will scrap its global equities unit and cut some fixed-income operations in a retreat from a long-held ambition to make its struggling investment bank
Spokesperson says it is too early to talk about specifics
Deutsche Bank closes huge parts of its trading businesses, with staff in its equities division in Sydney and Hong Kong among the first to be told their roles would go.
The plan represents a major retreat from investment banking by Deutsche Bank, which for years had tried to compete as a major force on Wall Street
The Frankfurt-based lender expects to stop offering trading of cash equities, equities research and may no longer underwrite initial public offerings in the region
Deutsche Bank's investment bank has been central to its strategy for years, leading it to maintain a large presence on Wall Street
Its total income came in at Rs 6,891 crore in FY19, a 21 per cent increase over Rs 5,716 crore during the year ended March 2018
The German bank's executives are putting the finishing touches on a painful restructuring plan that they hope will halt the company's yearslong downward spiral
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The management board received total pay, including bonuses, of 55.7 million euros in 2018, up from 29.8 million euros a year earlier
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The German government has pushed for a combination given concerns about the health of Deutsche, which has struggled to generate sustainable profits since the 2008 financial crisis
Deutsche Bank resisted for years reducing the value of those bonds and related derivatives on its books to a level that markets suggested they were worth
In July, people briefed on the matter said the Deutsche Bank would also cut dozens of employees in Chicago
Christian Sewing's remarks followed the two-day raid as part of an investigation linked to the so-called Panama Papers leak of documents about offshore finance
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Deutsche Bank shares traded 1.4% lower on Friday morning after a 3.4 decline on Thursday. Shares are down 48% so far this year
The government is in favor of a tie-up between its two biggest banks to create a heavyweight that would finance Germany's export-oriented economy
Moneyball is a reference to Michael Lewis's book chronicling how the Oakland Athletics used quantitative analysis to find underrated players