Daily Management Review

In An ‘Extensive Overhaul’, Deutsche Bank May Slash Twenty Thousand Jobs


In order to turn the investors, after the failed merger attempt, the Deutsche Bank is planning a major revamp.

Source: flickr.com;(CC BY 2.0)
Source: flickr.com;(CC BY 2.0)
The supervisory board of Deutsche bank is scheduled to meet on July 7, 2019 for discussing on an “extensive overhaul”. The said restructuring may cut as many as “20,000 job”, revealed three sources familiar with the matter.
Last month, the chief executive, Christian Sewing indicated about “extensive” revamp with the promise made to the shareholders of “tough cutbacks” so that that the investment bank could “turn the lender around” following its failed attempt of Commerzbank merger.
Moreover, there is more to slashing jobs, as the bank is also looking into the options of having “a trimmer management board”. Sewing would be representing the investment bank at the board instead of leaving an empty seat. Garth Ritchie, a veteran had been at the helm of the bank’s organisation, while sources revealed that there is a plan of promoting “Stefan Hoops and Mark Fedorcik” for leading the “division as co-heads” who would be reporting to Sewing.
However, one of the sources reminded that the plans were still very fluid as many aspects are yet to be decided upon. Nevertheless, the investment bank was not ready to comment on the reported changed. On the other hand, a spokesperson on behalf of “Ritchie, Hoops and Fedorcik” reported that they chose to remain tight lipped about the situation.
As far as the bank is concerned, it reminded that it is working towards accelerating “its transformation” for improving its sustainable profile, as it said:
“We will update all stakeholders if and when required”.

Science & Technology

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

China to deploy giant Beidou global navigation system in 2020

VW Zwickau factory is getting ready for electric cars production

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

AB InBev’s Piled Up Alcohol Is ‘Too Good to Waste’

World Politics

World & Politics

US Will Not Give Visas To Pregnant Women To Prevent Organized 'Birth Tourism'

Heads of the European Council and European Commission sign Brexit agreement

UK adds Greenpeace, PETA to extremist organizations list

Indonesia, UAE sign nearly $23B deal

US to respond to Iran’s attacks on US bases in Iraq

Irish Passport issues hit record in anticipation of Brexit

Reporters Without Borders calls to release Julian Assange

IMF allocates Ecuador $ 500 mln more to support reforms