Deutsche Bank boss lashes out at staff for suit fitting amid layoffs

Marco Green
July 12, 2019

CEO Christian Sewing speaks during the annual shareholder meeting of Germany's largest business bank, Deutsche Bank, in Frankfurt May 23, 2019.

The massive restructuring announced Sunday includes 18,000 job cuts by 2022 and a retreat from most share trading activity - the investment banking business the German lender expanded into at breakneck pace in the years before the financial crisis.

A New York-based federal appeals court will hear arguments next month as the president's attorneys seek a reversal of a separate court ruling giving a different House panel access to Trump records held by Deutsche Bank and Capital One Financial Corp. The tailors were reportedly fitting suits, which sell for around $1,800, for senior staff members who were not affected by the job slashings, the media outlet reported. "On the same day, we had to tell many colleagues in share trading that they had to leave as we were closing their department".

"I expect the two colleagues won't forget my call", he added, saying the London managers' "behaviour in no way corresponds with our values".

Deutsche Bank CEO Christian Sewing said he reprimanded those who had a tailor come to the bank's London office.

Asked if the incident would have consequences, Sewing said: "If you see it as a effect that the CEO personally calls his colleagues and talks to them about it, then yes". "That shows me that our bank is changing", Sewing said.

Vestia almost went bankrupt in 2012 after suffering 2 billion euros in losses on derivatives it had purchased from ABN Amro, Deutsche Bank and other major investment banks as a hedge against rising interest rates. Analysts expect Deutsche Bank's departure to be a net benefit for US -based investment banks like Goldman Sachs, Morgan Stanley and JPMorgan Chase.

Other reports by Click Lancashire

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