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Deutsche Bank To Cut Workforce By A Quarter (23000) - Sources

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http://www.reuters.com/article/2015/09/14/us-deutsche-bank-restructuring-idUSKCN0RE1GD20150914

Deutsche Bank aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank division, financial sources said on Monday.

That would bring the group's workforce down to around 75,000 full-time positions under a reorganization being finalised by new Chief Executive John Cryan, who took control of Germany's biggest bank in July with the promise to cut costs.

Cryan presented preliminary details of the plan to members of the supervisory board at the weekend.

Near zero interest rates and still needs to cull its workforce. The global recovery in full swing, at least 23,000 workers will become the voluntary unemployed.

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Shareholders want to restructure for much better value, is my understanding.

http://news.efinancialcareers.com/uk-en/218671/deutsche-bank-sees-repeat-of-conditions-that-led-to-thousands-of-banking-job-losses-17-years-ago/

Shareholders are just a competing balancing force... against the bubble / forever HPI, BTL magic, house buyers pushing and falling over one another to pay higher prices, and older owners refusing to cash in £1m+ house price lottery wins. Position and be able to adjust, imo.

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http://www.reuters.com/article/2015/09/14/us-deutsche-bank-restructuring-idUSKCN0RE1GD20150914

Near zero interest rates and still needs to cull its workforce. The global recovery in full swing, at least 23,000 workers will become the voluntary unemployed.

Zero percent interest rates are the problem! Flat yields equal dwindling returns from those lucrative carry trades and swaps. Pretty soon you've got to leverage a billion just to make a buck.

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And now Unicredit shedding 10,000:

http://www.reuters.com/article/2015/09/14/us-unicredit-redundancies-idUSKCN0RE1D220150914

UniCredit (CRDI.MI), Italy's biggest bank by assets, is planning to cut around 10,000 jobs, or 7 percent of its workforce, as it seeks to slash costs and boost profits, a source at the bank told Reuters on Monday.

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Maybe the digital revolution is finally catching up to the banks? It seems extraordinary to me that a sector so ripe for automation still manages to employ so many people- what are they all doing?

I appreciate that shuffling money around the system is a currently labour intensive- if socially useless- activity, but surely it's precisely the kind of activity that IT is supposed to be good at?

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A total of four loans were scheduled to be settled at the end of June but Sahaviriya Steel Industries, which rescued Redcar in 2011, failed to meet any of them. The majority of SSI’s 11 banks agreed to extend the repayment for three months and SSI then immediately entered into a fresh set of negotiations to try to get another stay of execution until the end of the year.

More sub-prime loans. Bailed out banks bailing out steel makers - Greece in miniature. Maybe SSI's overseas Thai directors are buying houses in London (setting local prices) using UK bank loan money in a roundabout way - who knows.

Maybe Nissan (not far from Redcar) will benefit from the cheap steel and then Dave and George can bang on again about Nissan and the UK's tiger economy.

Edited by billybong

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Smart move, chop the technology groups first. Costs go down, profits go up, trebles all round! Then 10 years down the line when the shit hits the fan due to creaky infrastructure, none of the people who instigated the changes are around to take the fall.

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