Publicado: Sáb, Julio 13, 2019
Financiera | Por Marilu Caballero

Deutsche Bank managers get dressing-down over suit fitting

Deutsche Bank managers get dressing-down over suit fitting

Deutsche Bank chief executive Christian Sewing was forced to personally rebuke managers who ordered tailors to their London office as thousands of traders were let go Monday, after details of the pricey suit fitting were revealed in the media.

The bank announced Sunday that it would cut 18,000 jobs by 2022, downsizing its volatile investment banking division.

Sewing told German newspaper Handelsblatt Thursday that he reprimanded those who had the tailors come to the office that day. Numerous investment banking activities were carried out in NY and London.

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

Door open to Fed rate cut, chair says
Traders have priced in a 100 percent likelihood of a Fed rate cut in July, according to the FedWatch tool from CME Group. Shares of American, United Airlines Holdings and Southwest Airlines Co rose between 0.5% and 1.3%.

"This behavior is in no way consistent with our values", he told the newspaper.

When the newspaper asked if there would be any consequences, Sewing said, "If you see it as a outcome that the CEO personally calls his colleagues and talks to them about it, then yes".

Under Sewing and previous chief executive John Cryan, Deutsche Bank has struggled to shake off an image of being focused only on relentless growth and big bonuses, forking out billions of euros in lawsuits and other scandals over its conduct in the years around the crisis.

Authorities in the U.S. are investigating Deutsche Bank in connection with its work for 1Malaysia Development Bhd (1MDB) - a multibillion-dollar state investment fund that became a major scandal after billions of dollars were siphoned off from it. Analysts expect Deutsche Bank's departure to be a net benefit for US -based investment banks like Goldman Sachs, Morgan Stanley and JPMorgan Chase.

Me gusta esto: