Several former top executives at Deutsche Bank were clearing their desks this Monday. New co-CEO John Cryan is peeling back several layers of corporate structure. Analysts say this is going to be the toughest restructuring in the lender's history.
Germany's biggest lender is expecting to report a full-year after-tax loss for 2017, largely owing to changes in the US tax system. The bank said it also suffered from low levels of client activity last year.
CEO John Cryan has signalled that Germany's biggest lender will need to cut more of its 97,000-strong workforce. He sees artificial intelligence replacing many of the bank's back office roles.
The German lender has beaten analysts' expectations for third-quarter profit and has settled another case of its financial crisis wrongdoings. But meagre revenues show the bank is far from being out of the woods.
The head of Germany's biggest private lender wants the European Central Bank's (ECB's) cheap money stimulus to end, warning that he sees price bubbles in stocks, bonds and property.
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