“Deutsche Bank shares slump more than 7% as lender gets ready for major overhaul”
July 8, 2019
“Deutsche Bank shares slumped more than 7 percent as the German lender announced a mass restructuring program over the weekend. In one of its boldest overhauls, the bank will see 18,000 jobs cut by 2022 and the closure of its global equities sales and trading business in a bid to improve profitability…
Deutsche shares have risen 16% over the past month, bouncing off an all-time low in early June after CEO Christian Sewing called for “tough cutbacks” at a contentious shareholder meeting. However, the multiyear decline is evident in a share price at Friday’s close of 7 euros, as opposed to 112 euros at their pre-crisis peak…”