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Fairyland

Deutsche Bank more than doubles its profit for the first quarter to €575m

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City : Deutsche Bank more than doubles its profit for the first quarter to €575m

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Increasing job cuts along with falling costs have led to Germany's biggest bank posting a net profit of  €575m, up from €236m in the same period for the year before. Pre-tax profit was up 52 per cent to €878m.

However, revenues fell nine per cent to €7.3bn, with the bank citing a negative swing of €0.7bn from the development of its credit spreads.

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The bank dropped some big news yesterday: saying it is mulling over moving 4,000 of its 9,000 staff out of the UK, because of Brexit, as many wait for concrete news of what Britain leaving the European Union will mean for the City and further afield.

 

Edited by Fairyland

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The losses will all be off balance sheet.

They should stop mulling over moving the 4000 out of the UK and just do it.  In fact move the whole 9000 and the sooner the better - put it on the fast track.

Edited by billybong

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3 hours ago, billybong said:

The losses will all be off balance sheet.

They should stop mulling over moving the 4000 out of the UK and just do it.  In fact move the whole 9000 and the sooner the better - put it on the fast track.

Couldn't agree more. The sooner the parasites ****** off the better. Better still take the rest of London bankers with them.

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3 hours ago, billybong said:

The losses will all be off balance sheet.

They should stop mulling over moving the 4000 out of the UK and just do it.  In fact move the whole 9000 and the sooner the better - put it on the fast track.

Business Class :o)

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It always makes me laugh when Deutsche say they're in profit...............

They lost $2bn in Q4 2016................

Dread to think what they'll find when they start peeling back the matted hair on the corpse.

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14 hours ago, GreenDevil said:

Couldn't agree more. The sooner the parasites ****** off the better. Better still take the rest of London bankers with them.

The London "parasites" are going nowhere. It's guys on £40k at their place in Birmingham who'll be looking over their shoulders. Same as always with the banks; the efficiencies come from the foot soldiers not the "talent".

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3 minutes ago, Hullabaloo82 said:

The London "parasites" are going nowhere. It's guys on £40k at their place in Birmingham who'll be looking over their shoulders. Same as always with the banks; the efficiencies come from the foot soldiers not the "talent".

?

DB is not a retail bank. Neither does it employ anyone in Bham AFAIK.

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2 hours ago, spyguy said:

?

DB is not a retail bank. Neither does it employ anyone in Bham AFAIK.

Guess I must have hallucinated their huge place at Brindley Place then. Weird.

You are aware that all banks have a huge amount of back office staff  (accountants, auditors, compliance people, hr, it, etc) just like any other company right? It's these areas where efficiencies bite.

Look at what Credit Suisse are doing with shifting the bulk of their it stuff to Wroclaw and Warsaw. 

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1 minute ago, Hullabaloo82 said:

Guess I must have hallucinated their huge place at Brindley Place then. Weird.

You are aware that all banks have a huge amount of back office staff  (accountants, auditors, compliance people, hr, it, etc) just like any other company right? It's these areas where efficiencies bite.

Look at what Credit Suisse are doing with shifting the bulk of their it stuff to Wroclaw and Warsaw. 

Less + less.

The huge number of people were there as a result of the complexity of leverage and making stuff complex.

Banks are becoming less + less leveraged and more + more simpler.

 

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2 minutes ago, Hullabaloo82 said:

Guess I must have hallucinated their huge place at Brindley Place then. Weird.

You are aware that all banks have a huge amount of back office staff  (accountants, auditors, compliance people, hr, it, etc) just like any other company right? It's these areas where efficiencies bite.

Look at what Credit Suisse are doing with shifting the bulk of their it stuff to Wroclaw and Warsaw. 

Indeed.

Slawek was telling us only yesterday that the average salary of such back office staff is £175K :D 

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30 minutes ago, spyguy said:

Less + less.

The huge number of people were there as a result of the complexity of leverage and making stuff complex.

Banks are becoming less + less leveraged and more + more simpler.

 

You didn't even know the place existed till 5 minutes ago and now you're pontificating about why they were there.

The reason they relocated to Brum is because it was cheaper than London but you can still get decent people. Same reason pwc and hsbc amongst others are shifting staff up here. The minute margins shift further savings have to get made. The point being though that it's mostly rank and file that get cut. 

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