All’s not well with Europe they said. Then we heard, all’s not smooth in Deutschland, to be precise. Now perhaps we know why they’re saying so.
Headquartered at Frankfurt, it presides over a thriving economic and financial system in the entirety of Europe from the bustle of Angela Markel’s Germany.
It’s one of the most well-known banking establishments in the whole of Europe. And now, Deutsche Bank, perhaps an epicentre to all things finance has undergone what can only be called the biggest jolt of 2019.
In what appears to be a rather surprising bit of news, then Deutsche Bank has axed an entire team structure in its Asia Pacific operations.
The latest axing, it is believed, is a part of a global move to cut down 18000 jobs. It’s being said that since the global economic slump witnessed over a decade ago, this is the biggest overhaul in the history of Deutsche Bank.
But that told, it’s a bit unclear as to where will the jobs be lost. At this moment of time, it’s important to note that where it stands, London happens to be the home of Deutsche Bank’s biggest trading operation.
With regards to this German shocker, here’s what a top executive from one of the most renowned banking set-ups had to say:
“Today we have announced the most fundamental transformation of Deutsche Bank in decades,” chief executive Christian Sewing said.
“This is a restart for Deutsche Bank… In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world,” he said.
The above told, it’s pertinent to note that where the current financial year goes, then 2019 hasn’t been quite a smooth sail for the Christian Sewing-led bank. Earlier in April, the bank unsuccessfully completed a series of talks regarding a merger with the revered Commerzbank, its longtime rival.