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German Bank Deutsche slash 18,000 jobs by 2022

8Jul By AdityaNo Comments

BUSINESS

German Bank Deutsche slash 18,000 jobs by 2022

Germany's biggest lender Deutsche Bank would stop all share trading activity & cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank". The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and centra...

German Bank Acquires Mumbai-based Fintech Startup

Deutsche Bank, the German investment bank and financial services recently announced the acquisition of its first Indian fintech startup, Quantiguous Solutions for an undisclosed amount. The acquisition was made as the bank looks to strengthen several divisions and applications. Post the acquisition deal, all employees of Quantiguous will move to Deutsche Bank offices and will integrate the core team posted to develop and roll-out the bank’s global application programming interface (API). Quantiguous solutions will be assigned to help develop Deutsche Bank’s global transaction banking franchise business. “The future of banking depends on connectivity which is key to drive growth for our global franchise,” said head of global transaction banking, John Gibbons. “The need to provide a...

50 Companies Keen on Associating With Postal Bank: Ravi Shankar Prasad

Around 50 companies including global banking institutions, like the World Bank, Deutsche Bank and Barclays, have expressed eagerness to be associated with the Centres postal payments bank initiative, Union Minister Ravi Shankar Prasad said today. "We will begin postal payments banking service from September 16, wherein 1.3 lakh postmen will be given hand-held devices, a moving ATM to provide banking services, insurance, money-order, as well as third-party service," Information Technology Minister said after inaugurating an incubation centre at the Software Technology Parks of India (STPI) here. "Some 50 companies, including World Bank, Deutsche Bank, Swiss Bank, Barclays, want to be associated with us," said the senior BJP leader. The Union Cabinet in June had cleared the ...