18,000 Jobs cut by Deutsche Bank
Several global offices for the Deutsche Bank, working mainly in the foreign exchange sector, have had many of their jobs cut. This news comes after the banking institutions announced that it would be restructuring their operations, which has now resulted in eighteen thousand jobs being lost between these several offices.
The Deutsche Bank has struggled to be profitable in recent years, and this year should no signs of anything different. The investment firm revealed that the first jobs that will be lost in the coming months with these foreign exchange officers would be the Fixed Income & Equity jobs. As of 2019-07-08, a fifth of the employees working for this bank have been informed that they’ll lose their position in the restructuring process.
This German Investment Institution elaborated as to which changes will be made. These changes will include reducing their yearly capital, increasing fixed-income sales and creating new avenues for trading business, specifically rates. If the restructuring process works effectively, then this FX Banking Firm will see a boost in revenue and popularity.
The Future of Deutsche Bank
This banking institution isn’t just focusing on enhancing its forex exchange services. The company wants to increase its strengths with financing, fixed incomes, currencies and advisories. These are long term endeavours that will require Deutsche Bank to work with new corporations and institutional clients.
In an official statement, Deutsche Bank stated: “As the bank continues to provide strategic advice to corporate clients including a focused equity capital markets business, it will keep an equity and macro research capacity as well as a targeted equity sales force.”
Many in the Forex Industry believe Deutsche Bank was destined for a comeback in 2019. During the Euromoney 2019 Annual Foreign Exchange Survey, they were highlighted as one of the most viewed vendors at the show. In the first six months of the year, the company was able to earn a significant portion of the market share. Deutsche Bank has 8.41% of the market share, which is the second largest in the world.
This year the banking firm has come in third place in the EFX Market Survey. They jumped several positions in comparison to 2018. The Euromoney 2019 Annual Foreign Exchange Survey allowed for this boost in popularity to be paved for Deutsche. However, JPMorgan is still the most popular foreign exchange service online. In every yearly survey for tonight, Deutsche fell behind JPMorgan by a small percentage.