Deutsche Bank to Shed 35,000 Jobs After $6.6 Billion Loss

[IDemo]

Source: ABC News

Deutsche Bank says it is shedding 35,000 jobs through redundancies and the sale of businesses as new CEO John Cryan seeks to make Germany's biggest lender more manageable and profitable.

The bank will slash 9,000 full-time jobs, 6,000 contractor positions and sell operations with 20,000 more workers. It will also close local operations in 10 smaller countries.

Thursday's announcement came as the bank reported a net loss of 6 billion euros ($6.6 billion) for the third quarter. The bank took a 5.8 billion euro hit from writing down the value of its investment bank and the Postbank retail bank.

The bank will not pay a dividend this year and next year to retain capital and strengthen its finances against possible financial turbulence.

Read more: http://abcnews.go.com/International/wireStory/deutsche-bank-cut-9000-jobs-66-billion-loss-34816613

[ladjf]

1. Karma is a bitch. nt

[Javaman]

2. but don't worry, the board will still get their bonus's. thank goodness! nt

[dixiegrrrrl]

3. Part of that loss is from farily large fines for illegal activities.

May this be the beginning of the beginning for the banks..........ramen.