TIL Deutshe Bank is in the US and London. I was recently in London and was surprised to see the lots of HSBC ad/signs in airport, HSBC stands for HongKong Shanghia Banking Corporation. Do people put their money in these foreign banks ?
HSBC took over the Midland Bank which was then one of the so-called big four along with Nat West, Barclays, and Lloyds. Anyone who had a Midland account, (and there were millions) became an HSBC customer
It's actually a British Bank.
>Founded1865 in Birmingham, Great Britain.
>The origins of the bank lie mainly in Hong Kong and to a lesser extent in Shanghai, where branches were first opened in 1865.
>Hong Kong became a colony of the British Empire at the end of the First Opium War in 1842. Sovereignty over the territory was returned to China in 1997.
>Totally agreed. You can even say the entire wall street and stock markets all over the world is BUILT upon money laundry and deceit, like a oversized casino, but with government backing on it. The house = market makers & politicians.
>It consists of corruption and greed all over the place.
I'm seeing a lot of reference to the crackdown on money laundering issues and some anti Brexit politicking as to the reason that DB is ditching so much of their workforce. Just look at their balance sheet, DB doesn't make money. Think about that, it's a bank that doesn't make money. Their investment banking arm has long been a major source of drain and toxic assets, it made a fortune on the way up before 2008 due to it aggressively focusing on complex financial instruments, the kind that detonated the most in the aftermath of 2008. A nice couple of scandals hasn't helped either, and there are still a bunch of toxic assets on the books. To illustrate how fucked up the company is, its trading at 0.3 to book.
This is what, the 5th restructuring plan in 7 years, they've completely run out of ideas after the commertz merger failed, its basically a zombie bank. I mean hell, commertz is in a "better" position and they don't meet their cost of capital and from what I can tell they don't really have a plan to get to where they can meet cost of capital in the next decade.
Thank you. The bank's legal problems certainly didn't help, but they are more a symptom of its poor management, rather than the cause. The bank has been struggling for a lot longer than the money laundering crackdown
DB IB makes 1% returns and ties up 25% of DB assets. They would literally do better by firing everyone and buying 90 day tbills. Aka their returns have been lower than the risk free rate for years.
But that doesn’t capture fact that the IB is also the source of a metric shitton of bad and risk heavy assets. On a risk adjusted basis the DB IB hasn’t been profitable in approx a decade. Compare the 1% DB returns to the 16% returns at BOA
Deutsche Bank isn't just in trouble for their involvement in the Danske Bank mess or for promoting offshore accounts with subpar customer identification. A whistleblower in the US reported that their American anti-money laundering group requested a SAR for activity involving Jared Kushner's accounts, with management burying that request because the Trump/Kushner family was too important of a client. FinCEN did not like that. Source
Unfortunately layoffs are very common & standardized tactics nowadays, used by rich CEO's & upper managements & greedy investors to divert more $$ into their own pockets. Their greed knows no morale boundary, like a insatiable and maddening bottomless pit.
Me and many of my ex-coworkers know this through first-hand experience.
It’s on you to make yourself valuable to a company. Nothing is given to you in this world. I highly recommend you stop blaming others for your misfortunes and use that energy to better yourself instead. Good luck out there.
This sounds great but in practice it isn’t this simple. It’s a safe bet that people who believe this is all there is to it have never actually worked for a large publicly traded business.
In the real world when a corporation lays of 20k people it’s not because none of them are worth what they're being paid. Surely you can understand that right? In massive layoffs there is always a collateral damage and no those people don’t deserve to be laid off... it’s not about working hard or making yourself valuable in these situations.
>" working hard or making yourself valuable in these situations.".
>The very notion of "value" is laughable. It is highly subjective as different people and different value system.
>If by high-value, do you mean bringing in more profits to the company? If you are so good, then why not just form your own company outright? There is no need to feed the chair-bound leeches known as bosses, managers and CEOs..
>The problem nowadays is that bosses & managers loves to blame the workers when things go wrong, beginning layoffs, while taking out huge golden parachutes if the company collapses. (see also history lesson of Lehman Bros). And even when things going well, they give themselves huge raises and bonuses, while denying & withholding pay increases & bonuses to the employees using the excuse of "performance reviews". They force competition between the employees to limit the money that flows down. Thus the trickle-down is a big fat lie. The news stories about widening income inequality further supports this fact. Also don't forget overtime overwork! Employers nowadays LOVES to squeeze the very last drop out of the employees to satisfy their bottom line, while denying overtime & weekend pay. Work till you drop, under the threat of just keeping your own job!
>This is also from my actual working experience from Morgan Stanley, an NY based wall street bank. I will never go back to that corrupt-company ever again, after suffering from similar layoff situation. And before the layoffs, I saw glimpses tilting very heavily in favour of more India offshoring (especially for IT departments).
You are one to talk. Are you sure you are not a excessively greedy corrupt boss yourself who abuse employees for your own gans?!?
I am so EXTREMELY SICK AND TIRED of managers of bosses blaming the employees "oh its your own fault that you got laid off or fired". while they take the huge golden parachutes check out while the rest of employees gets little to nothing. Its the same monotone recording over and over again, truly psychic vampires who loves to inflate their own egos at the expense of their underlings.
Good lick to yourself. as well Any may I warn you to give your employees a fair wages and good benefits, lest you face mutiny you so willingly deserve, Peace out.
The British right want all of the jobs and trade that come with being members of the EU but don't want to follow the rules. Who could have known that this would be the result? Everyone. Literally everyone knew that this was going to be the result.
This has NOTHING, I repeat NOTHING! To do with Brexit.
They have been planning this move since the 2008 financial crisis.
Furthermore, the UK isn't leaving because it doesn't want to follow the rules, its leaving because its one of the only nations that does follow the rules!
Oh no, the UK can't ask EU nationals to register when they arrive to live. Yet France and Spain do. (and most of the EU for that matter).
Oh no, the UK can't restrict benefits payments for people who have newly arrived and not contributed. Yet France and Spain do.
Oh no, the UK can't require EU nationals to swap the their drivers licence for a UK licence... Yet Spain does! (sure you can't fight them in court and will win, but it'll cost you more than the fine, you won't get it back and you'll still have issues with insurance).
Oh and let's not forget the EU trying to go back on the treaty saying the UK would never have to bailout the Euro, by trying to make the UK bail out the Euro. And when that failed, making them contribute to the central bank, who then used the funds to bail out the Euro.
When I moved to Spain I needed a total of 5 appointments to be living legally and before starting work.
When my other half moved from Greece to the UK. Just one, to collect an NI number, which didn't require any proof other than passport and address.
You realize that London was near unanimous in voting remain. That banking and business sectors voted heavily in remain. How can you be this uninformed? It’s not even hard information to come by, and has been around since the 2016 election. I’m not even British.
Erm, wouldn’t it affect the countries economy as a whole, for one. Secondly, this is a bank that participated in money laundering and other illegal activities so I couldn’t care less if they took all jobs away from London completely.
It's already too late. As recently as 2014, this would be considered one of the worst case scenarios for the bank. They've been poorly managed for a decade, and this is their essentially their last ditch effort to salvage what little they can.
> money there because the financial market regulators know shit about finance.
China literally invented money.
There may be other reasons than your stereotypical distaint for chinese because they are not Westerner Caucasians.