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