FIRST AIRED: July 8, 2019

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00:00:00
the mess is huge %HESITATION it's been years in the making not to do what should bank collapses after years of losses it's now unveiled sweeping reforms eighteen thousand jobs to go tens of billions of dollars worth of assets up for sale but the joint bank has talked about change for many years to investors now believe it which is breaking views Chris Thompson this time it's different because it's the most radical reforms in sunny the deepest cots both in terms of jobs on in terms of asset shutting that they've done today I mean they've announced in the past they've had a kind of bad bank where they parked a bunch of assets they didn't want they've been cutting jobs for years but it's basically been seen as tinkering this is grabbing the bull by the horns hacking off around one in five jobs to Richard is very confident as you'd expect them today %HESITATION thinking that this is realistic it's appropriately ambitious all the all the usual banking bows words to describe it but it is fraught with risk and danger not least they need that other businesses which the North Texas tech to grow that revenue while that downsizing is that while I'm not something Deutscher has been lacking for years at the same time when you're putting so many assets into a runoff unit %HESITATION those that you'll Seiling you're hoping that other people will buy them without marking them down too much I without having to take losses but if there is a big fourth side or in the mall cat dot obviously increases the probability that potential buyers will will come on steep discounts and so that could blow up to which is new profitability targets