On Monday, the 8th of July 2019, shares of Frankfurt-based German lender Deutsche Bank appear to be rising, as the German lender had axed whole team of its Asian operation, beginning a process of trimming as much as 18,000 jobs globally aimed at a reform of the investment bank.
Nonetheless, latest overhaul of Deutsche bank to cut 18,000 jobs globally to turn the loss-making lender into profitability, has been the biggest since the era of great financial depression. However, the Deutsche Bank had announced about the job cuts yesterday (July 7th) saying that it had been a part of restructuring attempt and the process would cost about $8.3 billion, while it also added that the German lender would erase years of its efforts in Wall Street to make it a major investment workforce.
According to Deutsche bank’s earlier statements released last week, as a part of the broad-based overhaul, the lender would slump its global equity business and axe some of its operation in fixed income, an area which was conventionally contemplated as one of its strengths.
While this report was being prepared, during midday Asian trading hours, shares of Deutsche bank was trading 5.2 percent higher in pre-market trading, pre-market data of brokerage Lang & Schwarz revealed.