Deutsche Bank is in full retreat from Wall Street.
The troubled German bank says it will cutback its US operations, including trading and corporate finance operations globally as it focuses on its home market. The announcement came after the bank reported yet another quarterly losses tied to reduction in trading profits.
New CEO Christian Sewing — which I pointed out here and here led an investigation into the multiple executive suicides from a decade ago — said headcount will see a “significant reduction” in the 97,130-person workforce. Continue reading →
Bitcoin stealthily moved over the $9,000 mark overnight, despite the continuing noise coming out by financial watchdogs.
While I still believe bitcoin is the blue chip of the cryptocurrencies, over the last month’s rise it has lagged other acceptable digital currencies in appreciation. Ripple soared 85% and ethereum is up almost 65% over the last two weeks, while litecoin and bitcoin trail with roughly 36% appreciation over the same time frame. Continue reading →