Economy

Deutsche Bank to cut at least 250 investment banking jobs

Deutsche Bank to cut at least 250 investment banking jobs

HSBC has chose to issue a report indicating that Deutsche Bank AG (NYSE:DB) shares are now a '"Buy"' in analysts report issued to investors and clients on 14 November. In the past two weeks, the bank trimmed senior and mid-level investment banking positions in locations including London and the US, the people said, declining to be identified as the details are private.

According to CNBC, other departures also include Jonathan Gold, senior financial institutions banker based out of London, as well as Paul Saltzman, Head of global transaction banking for the U.S. (he was to leave the bank in March) and Mohamed Atmani, Asia-Pacific head for financial sponsors. Marc Benton, leader of the European investment banking unit for energy and Evan Haji-Touma, advisor in sovereign and public pension funds have been asked to leave. The departures also included Andrew Tusa, co-head of United Kingdom corporate brokering and Jonathan Gold, a senior financial institutions banker in London, the people said. Further cuts are also expected in the company's debt capital markets division in Birmingham.

Deutsche Bank AG is a bank and holding company for its subsidiaries. Deutsche Bank AG had 24 analyst reports since September 17, 2015 according to SRatingsIntel.

The bank has taken the decision to cut jobs, after the reduction in revenues of investment banking by 15% in 2017. Deutsche Bank has a consensus rating of Hold and an average price target of €14.79 ($18.26). It plans to save €3.8 billion ($4.7 billion) in gross costs from 2018.

More news: Applied Materials (AMAT) Board of Directors Announces Share Buyback Program

Trading in the investment banking unit, led by Garth Ritchie and Marcus Schenck dropped by more than 27% in the fourth quarter of 2017. Numerous unit's problems are in its trading business, with fixed-income revenue dropping 29 percent and equities declining 25 percent last quarter. The advisory unit is performing better. First Republic Investment Management Inc. purchased a new position in shares of Deutsche Bank during the third quarter worth approximately $180,000.

Under chief executive John Cryan, Deutsche Bank has undergone a painful course of treatment to return to health, reducing exposure to risks and planning to shutter 200 branches in Germany while slashing 9,000 jobs worldwide.

Cryan is trying to motivate and retain top investment banking staff, while keeping a lid on costs following three straight years of losses. ValuEngine lowered shares of Deutsche Bank from a "buy" rating to a "hold" rating in a research report on Wednesday. The bank will be one of the last in the market to announce their yearly staff payouts.


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