FIRST AIRED: July 8, 2019

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00:00:00
eighteen thousand jobs are being cut to Deutsche Bank as the struggling German lender announced a dramatic restructuring is expected to cost over eight billion US stole is around one in five employees will be let go by twenty twenty two on Monday hold teams in its Asian operations were already unlimited bond Europe and the U. S. expected to be hit hardest it's one of the biggest over who's to an investment bank in the post financial crisis Iran it's scrapping its global equities business cutting some of its fixed income operations and scaling back its investment bank which generates around home off of to each his revenue it was set up a separate so cool bond bank of the assets it doesn't want to going forward with eighty three billion dollars the head of its investment bank already agreed to step down on Friday with the head of regulation and head of sales all say being let go it's a major retreat for bank which for years to try to compete as a major force on Wall Street CEO Christine saving said it's the most fundamental gate change in decades he'd already warned of tough cut backs the investment bank in may and now aims to focus on the banks more stable revenue streams that could include asset management and foreign exchange with a big push in corporate banking it's hoped that will best years of being in the red box in the short time it's still expecting a more than three billion dollar net loss in the second quarter and a loss for the full year