ICYMI news on Deutsche Bank, Germany's largest bank, global turnaround plan.
- The main points (this via Bloomberg):
- to exit equities sales and trading business, but will retain a "focused" equity capital markets operation
- to "resize" its fixed-income operations; will cut its risk-weighted assets allocated to the businesses by about 40%
- Deutsche Bank to focus on financing, advisory, fixed income and currencies.
Following the restructuring, almost 75% of investment-banking revenue will come from businesses where it has a Top 5 market position, Deutsche Bank said.
Restructuring by 2022, workforce cut by about 18,000 employees, to roughly 74,000.
