Deutsche Bank layoffs

[fsujax]

I wonder if this will have any impact on jobs in Jacksonville. 23,000 to be laid off.

http://news.yahoo.com/exclusive-deutsche-bank-cut-workforce-quarter-sources-133738328--finance.html

[spuwho]

Bank of America announced a global pay cut for all contractors today along with mandatory 2 week furloughs.

Furloughs have to wrap by November 1st.

[ProjectMaximus]

I guess we'll find out soon. They did announce globally that they would be restructuring and trimming workforce soon, but in Jax they repeatedly assured that the region was a focus for them. So hopefully the damage is minimal here, and in fact, might benefit from this restructuring.

[jacksonville seo]

I would think there will be an impact upon Jax, but Deutsche will distribute the layoffs across many regions. That said, it means +20k banking-related people will flood the job market, which is never ideal from an economic standpoint.

[vicupstate]

German investment giant Deutsche Bank, which halted plans to expand its technology operations in Cary over the passage of House Bill 2, is moving ahead with plans to expand in Jacksonville, Fla.

The banking giant confirms it's ready to invest at least $5 million into its Jacksonville operation. That's as representatives say the bank is holding firm to an April statement that it's freezing plans to create 250 new jobs in Cary.

"The Bank's decision is due to state-wide legislation enacted in North Carolina on March 23 that invalidated existing protections of the rights of lesbian, gay, bisexual and transgender fellow citizens in some municipalities and prevents municipalities from adopting such protections in the future," that statement reads.

Deutsche Bank (NYSE: DB), which employs about 900 people at a software application development center in Cary, had told the state of North Carolina in late 2015 that it would be adding 250 jobs through 2017 in exchange for an incentive package worth more than $3 million.

Last October, months before HB2 was passed in special session, a similar expansion announcement was unveiled in Jacksonville. An agreement with that city involved a pledge by Deutsche Bank to create 350 new jobs by the end of 2017 and to invest $23 million in improvements and technology infrastructure.

But the company has disclosed other factors in recent months that have impacted the headcount. Deutsche Bank is in the midst of an aggressive restructuring plan, one that has led the company to book 164 million Euros for restructuring and severance in its most recent quarter — about $180 million in U.S. dollars, according to an earnings conference call this week.

According to bank representatives, impacted jobs were primarily in operations, and not the technology-focused departments centered in Cary and Jacksonville — which would mean cuts primarily hit offices in New York, London and Frankfurt. CEO John Cryan said this week that expanding its digital solutions portfolio remained a strategic imperative for the company.


http://www.bizjournals.com/charlotte/news/2016/07/27/after-freezing-jobs-expansion-in-n-c-over-hb2.html?ana=e_du_pub&s=article_du&ed=2016-07-27&u=29255727384dcbbf2d16fa7a8b7ea4&t=1469649206&j=75218242

[Tacachale]

Okay, everyone: shhhhhhhhh.

[thelakelander]

LMAO!

[icarus]

Maybe now would be a good time to email the article to the Mayor's office and remind him why the HRO is important to our City's future.

[FlaBoy]

This proves that Business doesn't give a damn unless its bad optics.

[jcjohnpaint]

Or tape his mouth shut.

[finehoe]

Deutsche Bank Profit Plunges

Deutsche Bank released their Q2 earnings and generated a -73% earnings surprise.

[mtraininjax]

Concerns have been raised over Germany's Deutsche Bank, whose shares have been falling sharply, down 46 percent since the start of the year, since the U.K. voted to leave the EU last month. Adding to the worries, the second-quarter earnings showed profits fell sharply to 987 million euros ($1095 million) from 2.7 billion euros in the first half of the year.

There is no government bailout in an EU nation. Meaning no Federal Reserve will come to the rescue of any bank with toxic loans. DB is Germany's largest bank and Merkel has no plans on saving it. Makes for a good time to sell calls!