Rumors swirl, investment-banking chief quits
Deutsche Bank CEO Christian Sewing is meeting with a supervisory board on Sunday and then will probably present a sweeping overhaul of the struggling bank.
Shares of the company rose the most in four-months earlier today on hopes for stability but gave some back late.
Two stories have hit in the past few hours. The first is that investment bank head Garth Ritchie is departing ‘by mutual agreement’ at the end of the month. The second is that hedge fund giant Renaissance Technologies has been moving its money out for months.
The cuts are expected to heavily focus on the investment bank with a pivot to a more retail-focused model. There is talk of +20,000 in job cuts among the 90.000 employees. There’s also talk of creating a new ‘bad bank’ unit.