Wall Street: Deutsche Bank

wall street: We need to do more than merely trim the perimeter like in the past, he said, before visiting the bank's London offices where redundancy packages were being handed out, according to The Japan Times. Analysts said it was high time for Deutsche Bank to stop its decades-long drive to emulate the investment titans of Wall Street. The German giant's share price fell to a low of 6.66 7.47 before closing down 5.4 percent at 6.79, following Sunday's announcement of 18,000 job losses by 2022 as the company transitions out of high-risk investment banking. ; We need to focus our bank on where we are most competitive and provide our strong businesses the oxygen to prosper while withdrawing it from others, Deutsche Bank chief executive Christian Sewing told reporters on Monday. ING analyst Suvi Platerink Kosonen said the restructuring was essential for the bank in the long run, but cautioned it entailed substantial execution risks. Attendance at Deutsche Bank's offices in the towering International Commercial Centre in Hong Kong had already fallen dramatically in recent days, Bloomberg News quoted an insider as saying. The overhaul spans the world and was felt first in Asia, where the bank is winding down its equities business from Sydney to Mumbai. (news.financializer.com). As reported in the news.