Economy

Analysts at HSBC Give Deutsche Bank AG (NYSE:DB) an Upgrade

Analysts at HSBC Give Deutsche Bank AG (NYSE:DB) an Upgrade”

The stock of Deutsche Bank Aktiengesellschaft (NYSE:DB) has "Neutral" rating given on Monday, June 27 by JP Morgan. Indications are that the layoffs could reach and even exceed a total of 500 people, including some located in London and NY.

The bank has taken the decision to cut jobs, after the reduction in revenues of investment banking by 15% in 2017.

Virtu Financial LLC lifted its position in Deutsche Bank AG (NYSE:DB) by 177.4% during the 4th quarter, according to its most recent disclosure with the SEC. Marc Benton, leader of the European investment banking unit for energy and Evan Haji-Touma, advisor in sovereign and public pension funds have been asked to leave.

Trading in the investment banking unit, led by Garth Ritchie and Marcus Schenck dropped by more than 27% in the fourth quarter of 2017.

Shares of Deutsche Bank AG (NYSE:DB) opened at $16.08 on Monday.

Deutsche's corporate finance unit for Europe, the Middle East and Africa was hit with some of the cutbacks, including Andrew Tusa, the lender's co-head of United Kingdom corporate broking and Jonathan Gold, a senior financial institutions banker in London.

"At least 250" and perhaps as many as 500 "senior and mid-level" bankers in London and the USA have been shown the door in the past two weeks, Bloomberg said citing people familiar with the decisions.

Deutsche Bank CEO John Cryan had this to say: "Only a charge related to USA tax reform at the end of the year meant that we had to post a full-year after-tax loss".

As of 1700 GMT, shares had gained 2.10% to €13.19 each. Keefe, Bruyette & Woods lowered shares of Deutsche Bank from a "market perform" rating to an "underperform" rating in a report on Monday, November 20th. Cryan recently signaled that automation in the banking sector might replace numerous bank's back-office jobs.

The bank is in the process of cutting 9,000 jobs, or about 10% of its workforce, as 4,000 jobs expected to be relocated to Germany. Citigroup downgraded the shares of DB in report on Monday, December 19 to "Sell" rating. He said that the bank needs to find new ways of employing people and that people must also find new ways to spend their time. "The truthful answer is we won't need as many people", he concluded. Jobs at Deutsche Bank are among the list of positions at risk.

The cuts, first reported by Bloomberg, have started with at least 250 going, though it is understood this could widen to 500 in total. Also Businesswire.com published the news titled: "Deutsche Asset Management Lowers Expense Ratio and Changes Underlying Index ..." on February 16, 2018.

"Deutsche Bank boss hints at thousands of job losses", DW, November 8, 2017.



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