Deutsche Bank didn’t waste any time getting to work with the hatchet. On Sunday, July 7, it announced 18,000 job losses worldwide, the complete closure of its equities trading division and significant cuts to fixed income and rates businesses. On Monday, July 8, the cuts began. As London and New York slept, blissfully unaware of what was to come, the bank was already sacking entire teams in Sydney and Hong Kong.
The carnage continued throughout the day. In London, people arrived at work only to be handed documents formally notifying them that they are “at risk” of redundancy and sent home. A stream of workers left Deutsche Bank’s London office carrying bags and boxes containing personal effects from their desks. Others headed for the pub to drown their sorrows. Some were tearful, others shocked and confused. Some workers didn’t bother to turn up for work at all, correctly concluding that there was little point after hearing the announcement the previous day.
In New York, staff were summoned to meetings in which they were dismissed en masse. By mid-morning, according to Business Insider, there was a constant stream of people leaving the office.
The outlook for many of the terminated staff is grim, particularly in the U.K. where Brexit uncertainty is casting a considerable shadow. Not that anyone outside the finance industry cares, much. The British haven’t forgotten the financial crisis of 2008. The business that Deutsche Bank is closing down is bigger than Nissan’s automobile manufacturing plant in Sunderland, the uncertain future of which has hit headlines and led to questions in the U.K. Parliament. But no-one is going to lose any sleep over unemployed investment bankers – even if there are more of them than there are workers at the Sunderland plant. The silence from British politicians about the prospect of up to 8,000 British workers losing their jobs is deafening.
But the woes of terminated staff don’t concern Deutsche Bank’s Chief Executive, Christian Sewing. He has a bank to rescue, and investors to placate. His letter to staff had a distinctly ruthless tone:
I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you. In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively.
“I weep for you, I really do…” while dishing out the redundancy notices. Sewing has all the personnel skills of a crocodile.
Just how little concern Sewing has for the feelings of the staff he is letting go became apparent at 9.30 am London time. While hundreds of staff in the London office were being sacked, executive management held a conference call – from the London office. During that call, the Chief Executive, Christian Sewing, announced that the bank still plans to maintain a large presence in London. In fact it is intending to move into shiny new offices on Moorgate. It is not hard to imagine how the sacked staff felt about this. It amounted to rubbing their noses in it.
Despite their scale and suddenness, today’s sackings should not have caught anyone by surprise. There was a clear signal at the AGM that large-scale job cuts were on their way, including compulsory redundancies. Any decent HR professional will tell you that doing these up front is by far the best way. People who suspect that they are on the list for redundancy but haven’t yet been told don’t do productive work. They look for jobs. This might keep redundancy costs down, but it is extremely bad for morale and you might end up losing staff you wanted to keep. Better to wield the ax early so people know where they stand.
That said, the restructuring announced on Sunday is far more radical than most people anticipated. Few expected Deutsche Bank to exit completely from equities trading and sales, and the internal “bad bank” will be quite a bit bigger than expected, at €74bn ($83.15bn) of risk weighted assets. There was also an unexpected, and welcome, announcement of €13bn ($14.61bn) investment in IT systems and digital technology, though it is as yet unclear where this money will come from, if shareholders are not to be tapped for any more capital.
There has also been a significant organisational shakeup, in which three executive board members have lost their jobs, along with a sizable number of more junior managers. Garth Ritchie, head of the investment bank, resigned last week, clearing the way for radical restructuring of the investment bank including closure of his own personal baby, the equities trading division. Frank Strauss, head of the retail bank, was a surprise departure: a PostBank veteran, he apparently left because he disagreed with the integration strategy for Postbank and Deutsche Bank’s retail division. And Sylvie Matherat, Chief Regulatory Officer, took the fall for Deutsche Bank’s many lawsuits, fines, censures and regulatory investigations. This might seem a trifle unfair, since Matherat had been trying to clean the place up; but taking the blame for other people’s failures is an occupational hazard for regulatory officers.
Most importantly, for the first time in a decade, the bank now has a clear strategy. A new Corporate division will be at the heart of the reformed institution. Deutsche Bank is to become primarily a corporate bank serving German and European businesses from small to large: what remains of the investment bank will be refocused on serving the needs of corporations. Deutsche Bank has finally admitted that its dream of competing successfully against the American investment banking giants is shattered beyond repair. Global universal banking is for the birds.
Initially, investors responded positively to the news of a significantly more brutal round of field surgery than any previous CEO had attempted. The share price rose in early trading.
But as the sun rose in New York, the penny dropped. Sewing’s comment that the bank will need less capital in future has nothing to do with the unwinding of its expensive legacy assets, and everything to do with its smaller, poorer outlook. The share price tanked, closing down over 5%, as investors realized that a Europe-focused corporate bank is unlikely to give them the returns they had hoped for. Even the 8% ROTE target announced on Sunday suddenly looks a stretch. Two more years of losses, and a suspended dividend – for what?
Web & Domain Protection Software Market SWOT Analysis by Key Players: Leaseweb, Namecheap, SiteLock, Verisign, Sucuri
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Global Web & Domain Protection Software Market By Application/End-User (Value and Volume from 2019 to 2025) : Large Enterprises & Small and Medium-sized Enterprises (SMEs)
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Global Web & Domain Protection Software Market by Key Players: ZeroFOX, Comodo, Domain.com, GoDaddy, Register.com, Leaseweb, Namecheap, SiteLock, Verisign, Sucuri, Cloudflare, Pointer Brand Protection, Sasahost, WebARX, AppRiver, Rebel.com
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Q 1. Which Region offers the most rewarding open doors for the market in 2019?
Q 2. What are the business threats and variable scenario concerning the market?
Q 3. What are probably the most encouraging, high-development scenarios for Web & Domain Protection Software movement showcase by applications, types and regions?
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Chapter 1 Global Web & Domain Protection Software Market Business Overview
Chapter 2 Major Breakdown by Type [, Cloud-Based & On-Premise]
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Chapter 4 Manufacture Market Breakdown
Chapter 5 Sales & Estimates Market Study
Chapter 6 Key Manufacturers Production and Sales Market Comparison Breakdown
Chapter 8 Manufacturers, Deals and Closings Market Evaluation & Aggressiveness
Chapter 9 Key Companies Breakdown by Overall Market Size & Revenue by Type
Chapter 11 Business / Industry Chain (Value & Supply Chain Analysis)
Chapter 12 Conclusions & Appendix
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BY SYLVIA SANCHEZ
Bombastic barrister Michael Avenatti facing new indictment for Nike ‘shakedown’
Prosecutors slapped trash-talking attorney Michael Avenatti with a new charge Wednesday for his alleged shakedown of Nike while also reducing the legal risk for celeb lawyer Mark Geragos, who is implicated in the case.
The new indictment filed in Manhattan Federal Court eliminated conspiracy charges against Avenatti, who is accused of attempting to extort the shoe giant for more than $20 million or he’d go public with claims the company secretly paid college basketball prospects.
Avenatti and Geragos were representing Gary Franklin Sr., a prominent figure in the youth basketball world, when prosecutors say Avenatti crossed the line from legal advocate to criminal.
A conspiracy charge requires an agreement with a second person, raising the possibility that Geragos was the other person involved in the alleged extortion plot. But in the new indictment, prosecutors replaced two conspiracy charges with an honest services fraud charge against Avenatti. The evidence in the case remains the same.
“I’ll go take $10 billion off your client’s market cap… I’m not f—–g around,” Avenatti told Nike lawyers on March 20, according to a criminal complaint.
Avenatti, 48, demanded Nike hire him and Geragos to conduct an internal investigation paying up to $25 million, the complaint reads.
Avenatti has pleaded not guilty and said he’s the victim of “vindictive prosecution” due to his criticism of President Trump. As part of his defense, Avenatti seeks to introduce evidence of Nike payments to college basketball players.
Geragos, a Los Angeles-based attorney who has represented celebrities including Winona Ryder, Kesha, Colin Kaepernick and Michael Jackson, did not respond to an email. He has not been charged.
“I am extremely pleased that the two counts alleging I engaged in a conspiracy against Nike have just been dismissed by Trump’s DOJ. I expect to be fully exonerated when it is all said and done,” Avenatti tweeted.
A trial is set for January.
Avenatti is separately charged in Manhattan with stealing $300,000 from a book deal made by his former client, porn star Stormy Daniels, who claims to have had an affair with Trump. Avenatti became famous in large part through his aggressive representation of Daniels.
By STEPHEN REX BROWN
Elon Musk picks Berlin for Tesla’s Europe Gigafactory
Elon Musk said Tuesday during an awards ceremony in Germany that Tesla’s European gigafactory will be built in the Berlin area.
Musk was on stage to receive a Golden Steering Wheel Award given by BILD.
“There’s not enough time tonight to tell all the details,” Musk said during an on stage interview with Volkswagen Group CEO Herbert Diess. “But it’s in the Berlin area, and it’s near the new airport.”
Tesla is also going to create an engineering and design center in Berlin because “I think Berlin has some of the best art in the world,” Musk said.
Musk took to Twitter after the ceremony and provided a bit more detail, including that this factory will build batteries, powertrains and vehicles, beginning with the Model Y.
Will build batteries, powertrains & vehicles, starting with Model Y
— Elon Musk (@elonmusk) November 12, 2019
Diess thanked Musk while on stage for “pushing us” towards electrification. Diess later said that Musk and Telsa is demonstrating that moving towards electrification works.
“I don’t think Germany is that far behind,” Musk said when asked about why German automakers were behind in electric vehicles. He later added that some of the best cars in the world are made in Germany.
“Everyone knows that German engineering is outstanding and that’s part of the reason we’re locating our gigafactory Europe in Germany,” Musk said.
By Kirsten Korosec
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