Deutsche Bank Will Cut Down As Much As 1900 Jobs

By Author: jim mccarry
Total Articles: 37
Comment this article

Deutsche Bank is all set to slash down 1,900 jobs in an effort to save 3 billion Euros, as the largest lender of Germany made a revelation that the profits have almost halved down in the second quarter that is the last six months of the year 2012. The cull will be happening mainly outside of Germany, as well as has come up in response to a slowdown in financial market activity of the whole world. The move that has been taken by the bank marks an about-turn for the bank, which in the month of April had to say that it saw no need for layoffs as far as its investment bank is concerned.
It comes as out that Deutsche, UBS of Switzerland as well as BBVA of Spain all these reported lower profits on the Tuesday of the last week that also gave out a warning that the on-going debt crisis in the euro zone was sapping the confidence of investors as well as clients of the banks. The Deutsche bank had to say that the profit of its bottom-line was slashed down nearly in half by the euro-zone debt crisis in the second quarter of the present year.
The lender while giving a statement had to inform that its net profit had amounted ...
... to 661 million Euros that is 515.8 million pounds in the period from the month of April up to the month of June, in comparison with 1.2 billion Euros during the same period in the last year that is 2011. Second-quarter net revenues had also declined by 6 per cent to 8 billion Euros in the month of April to the month June that was the same period. Searching for quick monetary aid apply with 1 month loan @ http://www.1monthloanuk.co.uk/ and get needed money in minute.
The co-chief executives of the bank, Juergen Fitschen as well as Anshu Jain were of the view that in the second quarter of 2012, the performance of the bank was impacted by a volatile environment that is going on in the market at present. The European sovereign debt crisis already continues to weigh on the confidence of the investor as well as the activity of the client all across the bank.
UBS has seen net profits coming down on sharply lower trading revenue as well as a drop in commissions along with the fees from the hands of the clients. The Swiss bank was quite cautious in its outlook making a statement that it would continue to explore new avenues to improve their efficiency, without detailing further measures. They had employed 63,520 staff at end of the month of June, and are now currently cutting about 3,500 jobs.