Thursday, 28 Mar 2024

Deutsche Bank to slash 18,000 jobs, exit trading, in ‘most fundamental transformation’ in decades, says CEO

Fans back US women's football team's fight for gender equality

The lawsuit filed by 28 female players accuses their employer, the US Soccer Federation, of institutionalised gender discrimination.

    On Sunday, the US women’s football team will take on the Netherlands to retain their World Cup title.

    But once the tournament is over, they will also go to court to continue their fight against gender discrimination. The team is getting plenty of support on and off the field.

    Al Jazeera’s Heidi Zhou-Castro reports from Washington, DC.

    Migrants risk their lives by crossing dangerous river to reach US

    Illegal crossings at the Rio Grande have increased in recent months, and so have drownings.

      Increased enforcement along the US-Mexico border is expected to deter people from entering the United States, with authorities anticipating a 25 percent drop in arrests.

      But as Al Jazeera’s Manuel Rapalo reports, the more desperate are still willing to risk their lives and freedom as they attempt to cross the potentially deadly Rio Grande River.

      Man sent to hospital following assault in downtown Halifax

      A man is in hospital after he was assaulted with a weapon in downtown Halifax early Sunday morning.

      Few details have been released, but Halifax Regional Police say the assault happened just after 3:30 a.m.

      Police say the incident occurred in the 1500 block of Grafton Street.

      Officers arrived to find the victim had been assaulted with an “edged weapon.”

      He was transported to hospital with non-life-threatening injuries.

      Anyone who may of witnessed the altercation or has information is asked to contact Halifax Regional Police or Crime Stoppers.

      Deutsche Bank says to slash 18,000 jobs by 2022

      FRANKFURT AM MAIN (AFP) – Germany’s biggest lender Deutsche Bank said Sunday (July 7) it would cut 18,000 jobs – around one in five of its workforce – by 2022, as it launched yet another round of restructuring after years floundering with weak performance and legal woes.

      Restructuring would include “a workforce reduction” of approximately 18,000 employees to “around 74,000 employees by 2022”, Deutsche said in a statement, adding that the layoffs would contribute to reducing annual costs by six billion euros (S$9.16 billion) over the same period.

      Women's World Cup final: USA take on The Netherlands in today's decider

      Welcome to the Women’s Workd Cup final liveblog. Catch all the action at the Groupama Stadium in Lyon as the USA bid to retain their title against the reigning European Champions.

       

      Deutsche Bank to Cut Workforce by About 18,000 Jobs by 2022

      In this article

      Deutsche Bank AG will cut about 18,000 jobs by 2022 as the troubled German lender retreats from equities sales and trading and sets up a bad bank.

      The lender expects restructuring charges of 7.4 billion euros ($8.3 billion) through 2022 to pay for the radical overhaul and will shelve the dividend this year and next, according to a statement on Sunday.

      The scale of the revamp underscores the failed turnarounds by Sewing and his predecessors to solve the fundamental problem: costs were too high and revenue too low. After government-brokered merger talks with Commerzbank AG collapsed in April, the CEO had few other options to bolster market confidence.

      President Donald Trump Tweetstorm – The Sunday Edition

      President Donald Trump is already on the 2020 stump, devoting his early Sunday tweetstorm to partisan attacks on his arch foes, the “Dems” and Sleepy Joe Biden.

      The Commander-in-Tweet noted Biden’s recent statement on his past associations with segregationists in Congress, and the hoped-for support by his opponents for tactics that would drive down prescription drug pricing.

      The day is young, so the President will undoubtedly return for more later in the day.

      The tweetstorm so far:

      In Pictures: Elections get underway in Greece

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      Deutsche Bank to slash 18,000 jobs, exit trading, in ‘most fundamental transformation’ in decades, says CEO

      Germany’s struggling Deutsche Bank says it will cut 18,000 jobs by 2022 in a sweeping restructuring aimed at restoring consistent profitability and improving returns to its shareholders.

      The Frankfurt-headquartered bank said Sunday it would drop its stock sales and trading unit as part of a plan to exit more volatile investment banking activities.

      It says it will also bundle 74 billion euros of assets, or $83 billion, into a separate unit for disposal, freeing capital reserves to pay for the restructuring.

      The troubled lender also said it would sell its electronic equities and prime finance businesses to Paris-based bank BNP Paribas BNP, +1.12% according to Financial News’s Paul Clarke.

      “Today we have announced the most fundamental transformation of Deutsche Bank in decades,” wrote Christian Sewing, chief executive officer at Deutsche Bank, in a written statement.

      The job cuts would reduce the workforce to 74,000. The restructuring intends to take out 6 billion euros in costs.

      Deutsche Bank DBK, +2.47%  has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price.

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