German Deutsche Bank implodes

German Deutsche Bank implodes on back of failed Merkel economic policy

the Duran

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss Deutsche Bank's 18,000 job cuts by 2022, as part of a sweeping overhaul at the ailing German bank, which is transitioning out of high-risk investment banking.

Deutsche Bank staff from Australia, Asia and the United States were notified of the massive lay-offs as they arrived for work, and were later photographed leaving their offices with large envelopes and boxes of their belongings.

Germany’s biggest bank is cutting roughly one-fifth of its workforce, reducing its headcount to 74,000 employees, in an effort to cut annual costs by six billion euros and return to profitability. This fresh round of job cuts comes on top of some 6,000 jobs slashed over this past year.

This latest restructuring effort could be a last chance gasp for Deutsche Bank, after merger talks with Frankfurt rival Commerzbank fell through earlier this year.