Yesterday the supervisory board of Germany’s Deutsche Bank met and rubber stamped CEO Christian Sewing’s restructuring plans which he ‘’greatly regrets’’. The Financial Times reports that in an email to staff he said, ‘’ Today is that day: After further stabilizing our bank last year, we are now entering the next phase – and that means nothing less than a fundamental transformation of our bank.’’ Almost 20 per cent of global headcount will be axed as the bank pulls out of global equities and trims more of the investment banking arm. To less fanfare, the estimate for the value attached to the contents of its bad bank has risen from €50 billion to €74 billion. The cost of redundancies and restructuring is estimated at €7.4 billion, with a hit in Q2 2019 €2.8 billion and the dividend has been suspended.
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