True, however I wonder about a retail bank guy at DB. They're not going to ever be the next BofA, I would have expected someone with more of an investment banking focus?
May be, although my understanding it that it's "private clients" and small business mostly? A shift to that would mean a DB a fraction of its current size overall and almost eliminate outside Europe since it's almost exclusively an i-bank everywhere else. Definitely a big shift, regardless.
Deutsche Bank Boo-Boo Deutsche Bank last month accidentally sent $35 billion to Deutsche Boerse's Eurex clearinghouse as it was conducting a daily collateral adjustment. It spotted the error quickly and there was no financial harm, but it does somewhat undermine the claims of former CEO John Cryan that the bank's internal controls were strengthened under his watch. Fortune
Deutsche Bank With management under great pressure over falling revenues and share value, Deutsche Bank has announced the loss of at least 7,000 jobs. The bank's equities sales and trading business will be particularly hard-hit, slashed by a quarter. Will it save chairman Paul Achleitner? Let's see—he faces a no-confidence vote at today's annual general meeting. But with the backing of major investors such as the Qatari royal family, he should be safe. CNBC
It's headed to Hitler's Bunker unless the Jerries can strong arm Italy like they did the Greeks a few years back.
It’s not even safe in Switzerland, as UBS and CS are getting beat up as well. For that matter, it looks like most all of the major banks are getting beat up globally.
Deutsche Bank Pity new Deutsche Bank CEO Christian Sewing—S&P has just cut the bank's credit rating to BBB+, citing "severe execution risk" regarding his major restructuring plans. Deutsche Bank "appears set for a period of sustained underperformance compared with peers, many of whom have now finished restructuring," the ratings agency said. On the other hand, S&P said Deutsche Bank had enough liquidity, so its shares went up. Bloomberg
Bank Cartel Meanwhile, Deutsche Bank is one of the financial institutions set to be prosecuted on criminal cartel charges in Australia—the others are ANZ and Citigroup. The case revolves around arrangements for the sale of $1.9 billion in ANZ shares a few years back. Deutsche Bank, Citigroup and JP Morgan (which is not accused of anything) underwrote the deal, and regulators think there was illegal collusion on how shares were taken up. BBC