Deutsche Bank is about to undergo its biggest restructuring ever. Here's what we know about what's going on at the German bank.

Christian Sewing

  • Deutsche Bank CEO Christian Sewing is expected to
    announce a sweeping overhaul of Germany’s biggest bank after a
    supervisory board meeting on Sunday.
  • The restructuring will reportedly focus on its US
    business and could include the cutting of 15,000 to 20,000
    jobs.
  • We’ve outlined what we know about what’s going on at
    Deutsche Bank below.
  • Watch
    Deutsche Bank trade live
    .

Deutsche
Bank
CEO Christian Sewing is expected to announce a sweeping
overhaul of Germany’s biggest bank after a supervisory board
meeting on Sunday. The restructuring will reportedly focus on its
US business and could include the
cutting of 15,000 to 20,000 jobs
, or one in six of all
full-time employees.

Here’s what we know about Deutsche Bank’s restructuring:

  • Sewing’s restructuring plan is expected to be the largest in
    the bank’s history.
  • It will reportedly focus on deep cuts to its US operations,
    which employ more than 9,000 people.
  • The job losses are likely to be concentrated in the
    equities and derivatives trading units
    .
  • US boss Tom Patrick and other senior executives could leave the
    bank.
  • The overhaul could cost the bank
    as much as 5 billion euros
    in severance pay and other
    expenses.
  • Garth Ritchie, head of Deutsche Bank’s investment banking unit,

    has agreed to step down
    .
  • Deutsche Bank could create
    a separate “corporate bank”
    that would bring together units
    such as its transaction bank, which provides everyday financial
    services such as international payments to companies.
  • It may also create a “bad bank” to hold billions’ worth of

    non-core assets such as long-dated derivatives
    .

Here’s why the restructuring is happening:

SEE ALSO: A
day in the life of a Deutsche Bank managing director, who wakes up
at 5:00 a.m., spends 10 days of the month traveling, and works out
twice a day even while on business trips


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Source: FS – All – Economy – News
Deutsche Bank is about to undergo its biggest restructuring ever. Here's what we know about what's going on at the German bank.