DEUTSCHE BANK RUSHING TO CLOSE THE BARN DOORS NOW COWS HAVE ALREADY GONE LOL Deutsche Bank will exit its global equities sales and trading business in sweeping overhaul

https://www.cnbc.com/2019/07/07/deutsche-bank-will-exit-its-global-equities-business-and-scale-back-investment-bank.html

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Deutsche Bank will exit its global equities sales and trading business in sweeping overhaul

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Deutsche Bank will exit its global equities sales and trading business in sweeping overhaul

PUBLISHED 16 MIN AGOUPDATED MOMENTS AGO

Deutsche Bank headquarters

Photo by Hannelore Foerster

Deutsche Bank plans to scrap its global equities business and scale back its investment bank in a sweeping, 7.4 billion euro overhaul designed to turn around the struggling German flagship lender.

The bank expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges.

Deutsche said that it would also cut its fixed income operations, especially its rates business.

It will create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders “tough cutbacks” to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank.