Deutsche Bank AG (NYSE: DB) is going to please Wall St., although perhaps not its investment professionals employed by the bank. The company is suffering lower losses, so to combat that it will be laying off some 1,900 workers. The bank said that it has identified some 3 billion euros in cost savings and these cuts will be roughly 350 million euros of that savings contribution.
Wall St. beware … Deutsche Bank said that the job cuts would predominantly come from outside of Germany.
The German banking giant also said that it is targeting a fully loaded Basel III Core Tier 1 capital ratio of 8% for the end of the first quarter of 2013.
The Barclays PLC (NYSE: BCS) Libor scandal may not be a Deutsche Bank issue as the bank said its internal probe has cleared board members of wrongdoing. Still, it said that individual staff behavior did not meet banking standards and that it is cooperating with regulators n the interbank probe.
Deutsche Bank went on with another Wall St. warning as it said that the industry as a whole needs to change its compensation models.
JON C. OGG
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.