CNBC/Spencer Kimball/7-7-2019
“Deutsche Bank announced Sunday that it will pull out of its global equities sales and trading business as part of a sweeping restructuring plan to improve profitability. The bank will also slash 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce costs by 6 billion euros to 17 billion euros in coming years.”
USAGOLD note: The merger option is closed. No bailout is in the offing. Deutsche Bank is on its now. Is this Europe’s Lehman moment? As we reported here last week, gold ownership among Germany’s citizenry rivals that of Japan and China – nearly 9000 tonnes in private hands. That figure is likely to grow in the wake of the now-exposed depth of the problem at Germany’s largest bank.
