It takes a lot to rattle Wall Street.
But Deutsche Bank managed to. The beleaguered German giant announced on July 7 that it is laying off 18,000 employees—roughly one-fifth of its global workforce—and pursuing a vast restructuring plan that most notably includes shutting down its global equities trading business.
Though Deutsche’s Bloody Sunday seemed to come out of the blue, it’s actually the culmination of a years-long—some would say decades-long—descent into unprofitability and scandal for the bank, which in the early 1990s set out to make itself into a universal banking powerhouse to rival the behemoths of Wall Street. That pivot represented a major shift for the financial institution, which had contributed to Germany’s post-World War II economic “miracle” as a domestically-focused commercial lender and retail bank.
Yet Deutsche eventually set its sights on a more glamorous niche, venturing into the high-risk, high-reward realm of stocks, bonds and derivatives trading
... read more at: https://fortune.com/2019/07/12/deutsche-bank-layoffs-bloody-sunday/