Deutsche Bank CEO Slashes 18,000 Jobs as Germany's Biggest Bank Collapses - Is this Bear Stearns 2.0? Is a global stock market crash coming soon?

submitted by magnora7 from bloomberg.com

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[–]magnora7[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

Says they're pulling out of all equities and trading... so they're basically completely shutting down. That means all the money they have in the german stock market (and everything they have in every other stock market around the globe) will be withdrawn. This will cause lowered prices, and could act as a trigger for a stock market decline.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Well I read that their aim is to have 74,000 employees worldwide, which would be 18,000 less than current, but that isn't exactly "SHUTTING DOWN"...

[–]magnora7[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Well, they're shutting down all their trading and equities branches, and there's probably more layoffs to come... seems like at least half of it has collapsed overnight, which is a huge deal for the biggest bank in Germany