DeutscheBanks decision to cut 18,000 jobs, mainly in the city of London
Posted: Fri Apr 01, 2022 7:04 pm
Is Deutsche Bank's decision to cut 18,000 jobs, mainly in the city of London, entirely unrelated to Brexit as is being claimed?
I am giving a link to a German newspaper so no one can say it is UK linked.
https://finanzbusiness.de/nachrichten/b ... 0verlagert.
Google English translation.
Deutsche Bank, DB, (please note that the EU has decided not to apply Basel III but to stick at the moment with II [ Capital Requirement Guidelines] ) has been struggling since 2008 with a capital base which is not adequate to cover their operation needs.
This question 18'000 to go in London is impossible as per date DB only employes approx. 7′500 in the City. So again a Remainer cover question, most of the positions to go are in the higher end salary brackets in portfolio management and investment banking. Yet again short sightedness of a German bank ( Commerz did same and now is in international portfolio and investment banking – no longer a “player" ). Most of the parties identified in London have already long time ago jumped ship and got contracts at others who are seeking to expand their businesses and capture market shares.
What Brexit has shown is that the EU has no capital market industrial base and this comes from EU members themselves by demands not to “punish" London.
This as it is very difficult to gain experience in two years and to draw in the necessary secondary professions such as solicitors auditors IT experts etc.
When one looks at the international markets rankings the first EU market to be under the top ten is Paris at 9th ( even Zurich is more important ) and the leaders are New York and London ( of the volume trading lost to Amsterdam first quarter 2021 100% has returned [ plus 10% more returned ] but that is just the smallest of percentage to the whole of the finance market London.
The prognosis of 100'000 to 200′000 job loses in the City created by Remain has ended in a net gain of approx 3′000 new positions. Most job loses in banking in the UK are from the closure of branches ( nothing to do with Brexit ) which again is shortsighted but is driven by the profit greed of senior management.
I am giving a link to a German newspaper so no one can say it is UK linked.
https://finanzbusiness.de/nachrichten/b ... 0verlagert.
Google English translation.
Deutsche Bank, DB, (please note that the EU has decided not to apply Basel III but to stick at the moment with II [ Capital Requirement Guidelines] ) has been struggling since 2008 with a capital base which is not adequate to cover their operation needs.
This question 18'000 to go in London is impossible as per date DB only employes approx. 7′500 in the City. So again a Remainer cover question, most of the positions to go are in the higher end salary brackets in portfolio management and investment banking. Yet again short sightedness of a German bank ( Commerz did same and now is in international portfolio and investment banking – no longer a “player" ). Most of the parties identified in London have already long time ago jumped ship and got contracts at others who are seeking to expand their businesses and capture market shares.
What Brexit has shown is that the EU has no capital market industrial base and this comes from EU members themselves by demands not to “punish" London.
This as it is very difficult to gain experience in two years and to draw in the necessary secondary professions such as solicitors auditors IT experts etc.
When one looks at the international markets rankings the first EU market to be under the top ten is Paris at 9th ( even Zurich is more important ) and the leaders are New York and London ( of the volume trading lost to Amsterdam first quarter 2021 100% has returned [ plus 10% more returned ] but that is just the smallest of percentage to the whole of the finance market London.
The prognosis of 100'000 to 200′000 job loses in the City created by Remain has ended in a net gain of approx 3′000 new positions. Most job loses in banking in the UK are from the closure of branches ( nothing to do with Brexit ) which again is shortsighted but is driven by the profit greed of senior management.