Bankers sent home as Deutsche starts slashing jobs – BBC News

Deutsche Bank office

Trump sent his bank to the Wall and now jobs jobs jobs are gone (ODT)

Certainly hundreds, possibly thousands. The businesses Deutsche Bank is exiting or cutting back are predominantly based in New York and London so it seems very likely the axe will fall harder in the UK and US than in Germany.

The bank is cutting 20% of its global workforce and the bank has nearly 8,000 people in the UK. That arithmetic gets you into the thousands quite easily.

Does it mean we are in the foothills of another financial crisis?

No. This is a problem specific to Deutsche Bank, which expanded rapidly in the 1990s and 2000s.

When the financial crisis hit it was slow to respond by cutting its business back to a more sustainable size.

It is paying the price for that now

via Bankers sent home as Deutsche starts slashing jobs – BBC News