suits and laces, red skirts and cigars, the financial industry gives people a rough impression of this; however, when the entire industry declines, giants have difficulty breathing, and finally the place of victory is not constant and the feast is difficult to regain. The two-century-old store, Deutsche Bank, is the largest bank among the largest economies in Europe and one of the four systemically important banks in the world. It announced that it would lay off 18,000 employees worldwide within three years, equivalent to 20% of Deutsche Bank's total global employees, and the layoff cost is 7.4 billion euros. The hero cut off his arm and castrated himself with a knife. It is expected that he will lose weight to about 74,000 people in 2022, and survive in difficulties and strive to turn the salty fish over.
last try?
In addition to layoffs, Deutsche Bank also announced the cancellation of global stock sales and trading business, which will reduce the annual total cost by 25%; reduce the scale of investment banks and reduce part of fixed income business; establish a "bad debt bank" to gradually reduce or deal with Deutsche Bank's leverage risk of about 288.9 billion euros and 74 billion euros of entrusted assets, with a cost-income ratio of 70%, thereby reducing operating costs and restoring continuous profitability.
used to go on operations in the first class of business class, but now they had to cancel their travel and hold video conferences; in the past, they had to have all kinds of red wine, refreshments, and fruits, but now they had to endure hunger in the empty conference room 9. Changes in details suggest how bad people's performance is. The top floor of the Hong Kong Global Trade Center (ICC) is the famous Ritz-Carlton Hotel. Its subordinate Tin Longxuan and the connected Ozone bar are both located on the 102nd floor. The floor-to-ceiling glass overlooks Hong Kong Island and the Pacific Ocean. It is a place where Deutsche Bank's management and employees often linger in talks. It is like being in the clouds. Now, Deutsche Bank employees have been photographed drinking to drown their sorrows in an underground bar near ICC. One in the sky and the other underground, the judgment of clouds and mud is immediately distinguished.
There are probably more crises in the future of Deutsche Bank.
Deutsche Bank is an old bank, founded in 1870. At that time, Germany was the world's third largest exporter and second largest importer. King William I personally approved the business of Deutsche Bank and collected all the dividends of industrial growth. An economic crisis broke out in 1873, a large number of banks went bankrupt, and Deutsche Bank quickly merged with five banks. By 1876, Deutsche Bank had more assets than all other German banks. When broke out in 1914, the Frankfurt Daily announced that Deutsche Bank is the largest bank in the world. This has become a symbol of Germany's prosperity. During World War I and World War II, Deutsche Bank accompanied the fate of the country, and overseas assets were forcibly liquidated and forced to be split into 10 regional banks. It was not until 1957 that it was re-merged into Deutsche Bank , and began to develop rapidly in the 1980s and 1990s. In 1989, Deutsche Bank acquired the British Morgan Jianfu Bank, a 150-year giant, and took the first step towards investment banks. German companies accelerated their holdings, and Deutsche Bank went global. In 1999, Deutsche Bank acquired Xinfu Bank, the eighth largest bank in the United States, gradually becoming independent of Germany and also played an important role in New York and London. In 2007, two-thirds of Deutsche Bank's employees worked outside Germany, and three-quarters of their profits came from investment bank-related businesses. The investment bank's employees once reached 38,200, which was the sum of all Goldman Sachs employees. Although
focuses on the local area, Deutsche Bank also entered Asia very early. As early as 1890, Deutsche Bank established a branch of Deutsche Bank in Shanghai and a branch of Hong Kong in 1899. In 2008, Deutsche Bank was ambitious and moved its former Asian headquarters in the Yangtze River Center to the Hong Kong Global Trade Center building, tripling its area. In 2019, according to market news, Deutsche Bank will withdraw its lease on the three floors of ICC, a total of 110,000 square feet, which can save approximately HK$100 million (US$12.7 million).
: It is a tall building, and it is a collapse. Deutsche Bank's current stock price is less than one-tenth of that in 2006, and its market value is only more than one billion euros. It will be an ancient bank that will be 150 years old next year. It is indeed a bit sad. It is hard to imagine that the once powerful Deutsche Bank giant now has a market value of less than a fraction of other similar banks, only one-third of Fabia and one-tenth of JPMorgan Chase (296 billion euros). The merger and acquisition entity has become the merger and acquisition object, and peers can buy it in full by simply moving it into the cash ware. These roller coaster-like numbers have sealed the glory of Deutsche Bank in their memory. Even with such a low market value, no one cares about it.A major shareholder of Deutsche Bank said that for most active fund managers, Deutsche Bank is not worth investing today, and that will not change anytime soon. Restructuring Deutsche Bank will be a ten-year mission.
has been leaking all the time. Although it survived the 2008 financial crisis, Deutsche Bank has been involved in fines and money laundering scandals in recent years, and it is difficult to extricate itself due to its high costs and years of losses. In 2016, the U.S. Department of Justice issued a $14 billion fine to Deutsche Bank, saying that it violated the housing mortgage-backed securities during the financial crisis. At that time, it was rumored that Deutsche Bank would likely go bankrupt; in 2017, the Federal Reserve fined Deutsche Bank $157 million, saying that its foreign exchange supervision was poor and " Volker Rules " (The Volker rules aim to isolate proprietary transactions and commercial banking business) Compliance projects have flaws; in the same year, the Federal Reserve fined another $41 million for its poor anti-money laundering supervision; in June 2018, New York regulators accused Deutsche Bank of manipulating the foreign exchange market and fined $205 million; in 2018, 170 German police raided Deutsche Bank to investigate its illegal laundering of 100 billion euros for its customers; in 2019, the chairman of the U.S. House Financial Committee Chairman directly stated that Deutsche Bank is "the world's largest money-laundering bank." Deutsche Bank has paid $17 billion to deal with various legal litigation costs and fines. Recently, the US media has been digging deeper into the matter of Deutsche Bank's loan to Trump . As early as 1990, Trump was unable to repay $300 million in loans, and his hotels, casinos, real estate and airlines would be auctioned in bankruptcy. Bank of America avoided it. It was Deutsche Bank who saved Trump and provided the first loan to his Manhattan skyscrapers. After 2000, it borrowed $640 million from Trump's Chicago hotel project and Trump Tower, and some of it has not yet been repaid. Why is Deutsche Bank willing to take a loan? Is there a greater secret of connection between this? There may be more crises in the future of Deutsche Bank. Is
too late ?
Deutsche Bank may have taken measures long ago. It has been making losses for several consecutive years. Although it turned losses into profits in 2018, its profit was only more than US$200 million, which is pitifully small. The current operating environment of the global banking industry is more challenging and competitive than in previous years. It is certainly necessary to stop bleeding, but is it too late to take such heavy actions after many years of losses? After the financial crisis, the European banking industry was generally in trouble, with a sharp decline in asset size, a damaged profitability, and a deteriorating asset quality. Strategically shrinking the international business network is a common choice for the European banking industry. Major banks are actively slimming down, reducing costs and expenses through layoffs; reducing international branches in business and returning to European business; making choices for regional businesses; although they remain interested in emerging markets, they generally adopt a prudent attitude in investment; they have contracted equity investment to increase risk compensation capabilities, and at the same time increase the intensity of technology finance, increase the transformation of retail industry, improve the level of financial services, and reduce high-risk business exposure. Deutsche Bank is not the earliest and most active one, but due to its huge size and weight, it is still the one that has the biggest impact on the market.
DBC's digital transformation costs are both high and employee costs, and have been going on for decades, but the progress is not going well. As early as 2001, it launched an online investment platform maxblue for individual investors. Based on personal transaction data connected with online banking, Deutsche Bank customers can use maxblue Appp to conduct account inquiries or securities trading at any time, and can continuously track all stock exchanges and over-the-counter markets and respond quickly to the latest changes in the capital market. Now in order to adapt to the process of digital development, Deutsche Bank has launched an robot investment advisory service AnlageFinder on the maxblue platform. This smart investment advisory service was developed in collaboration with Fincite, a fintech company, and is free for maxblue customers. It uses unique program algorithms to provide customers with portfolio recommendations . However, Deutsche Bank has not been able to make mobile payments and wireless payments so far. In terms of digital banking, the cost is high, but the progress is not satisfactory. The rise of digital banks is not only a self-innovation for banks to face difficulties, but also a reason for banks to reduce costs and lay off employees vigorously in a negative interest environment. AI is both a technological advancement and may also be an excuse and gimmick for bank layoffs. HSBC in 2011 laid off 30,000 employees, and last year, Bank of Australia and Bank of China laid off 20% of its employees, and Credit Suisse announced that it would lay off 20% of its employees in the next ten years. After this ruling, Deutsche Bank has not clarified its future direction. The best way to make a profit is naturally to find profit goals and profit methods. The worst way is to tighten the belt of the trousers. Deutsche Bank's so-called strategy now seems to have not found its future direction, and layoffs and layoffs have become passive policies in the absence of profit points. The improvement and focus of digitalization and retail services may be the breakthrough for its broken arm regeneration.
After the financial crisis, European banking industry was generally in trouble, asset scale dropped significantly, profitability was damaged, and asset quality deteriorated. There is also some good news for
. For example, a US holding fund acquired a 3% stake on the stake at the beginning of this year. In addition, there are speculations that Carda may increase its holdings. Both events should be related to the current extremely cost-effective Deutsche Bank stock price. Maybe there will be other opportunities. It is easy to shake the mountain, but it is difficult to shake the wealth and silver. Deutsche Bank is a tough guy. After World War I and World War II, he never fell down and created another glory. Since 2016, Deutsche Bank has essentially laid off 10,000 employees, from more than 100,000 to 91,000. The announcement of layoffs of 18,000 is not an emergency. March 10 next year will be Deutsche Bank's 150th birthday. Deutsche Bank, which has had impressive achievements and a brilliant history, once had an asset scale of 2.2 trillion yuan, exceeding the total GDP of many small and medium-sized countries. Such a financial elephant's every move will naturally have a far-reaching impact on the global capital market. Deutsche Bank CEO Zewen said in a statement to employees: "This is the most fundamental transformation of Deutsche Bank in decades. We are building a bank that is more profitable, streamlined, innovative and resilient." A huge question will be: As it enters its 150th year, what situation will Deutsche Bank enter? When you are old and have a weak color, your tail will not lose, and you will completely collapse? Or should we actively lose weight, keep pace with the times, and move towards the future? Deutsche Bank has its own strategy and its interaction with the world economy. Will it trigger a new round of financial tsunami? The second half of 2019 will undoubtedly be extremely critical, let's wait and see.
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