Deutsche Bank to slash jobs in retreat from Wall Street

The towers of the Deutsche Bank in Frankfurt. The bank will focus on European clients as it overhauls its struggling investment bank. Michael Probst / AP

Moreover, in the first three months of the year, brokerage activities recorded a decline of 17% on an annual basis in the Deutsche Bank house, against an average increase of 12% recorded by USA rivals.

Dekabank Deutsche Girozentrale increased its stake in Deutsche Bank Ag (DB) by 349.81% based on its latest 2017Q4 regulatory filing with the SEC.

Sewing said that job cuts, which will be focused on the investment bank, would be made over the course of 2018. The measures will lead to a "significant reduction" in the roughly 97,100-person workforce this year, it said.

According to Zacks, "On the NYSE, shares of Deutsche Bank have underperformed the industry, over the past six months".

In a letter to employees that was published on the bank's website alongside the announcement, Sewing hinted at upcoming changes to the company, including pulling back from "not sufficiently profitable" areas in its investment banking business.

The bank also aims to scale back operations in bond sales and equities trading, particularly in the United States and Asia, where it was once bullish.

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"We have to act decisively and to adjust our strategy", Deutsche's new CEO, Christian Sewing, said in a statement. In U.S. rates sales and trading, it plans to shrink the balance sheet, leverage exposure and repo financing. "What the restructuring is missing is details for now".

The bank said it would scale back USA rates sales and trading and it would undertake a review of its global equities business "with the expectation of reducing its platform". That deal was a major step in the company's transformation because it expanded access to the world's biggest capital markets. The company has an average rating of "Hold" and an average price target of $17.41. HSBC downgraded Deutsche Bank from a "buy" rating to a "hold" rating in a report on Monday, January 8th.

Marcus Schenck, the former co-head of investment banking who had been a strong internal contender to replace Cryan, left amid the recent management shake-up. Those deficits leave Deutsche Bank more reliant on volatile trading and investment-banking revenues, despite ongoing attempts to depend less on those businesses.

Deutsche Bank confirmed that target on Thursday. The figure was short of analyst expectations for 374 million euros and down sharply from 575 million euros a year earlier.

Deutsche Bank said today that it plans to focus its consumer bank on growing markets like Italy and Spain while in wealth management, the bank will look to grow in Germany and in global markets, Deutsche Bank said. Its German home market trails the U.S. and U.K.in retail- and investment-banking profitability, and compared to its big Swiss rivals, Deutsche Bank lacks scale in private banking and wealth management.

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