Deutsche Bank and UBS AG, the biggest banks in Germany and Switzerland, signaled more jobs may be at risk as the European sovereign debt crisis and global economic slowdown crimp investment-banking revenue.
Stefan Krause of Deutsche Bank CFO fame said the Frankfurt-based lender will continue to adjust its “platform” if the environment persists after announcing 500 job cuts earlier this month, according to the good folks at Bloomberg. His UBS counterpart Tom Naratil said in an interview today that a reorganization of the investment bank may lead to lower headcount at the unit.
Europe’s biggest investment banks may have little choice but to accelerate asset and cost reductions amid worsening earnings prospects and demands for more capital. UBS in July abandoned its goal of doubling pretax profit by 2014 and Deutsche Bank scrapped its full-year profit target earlier this month as European leaders rush to tackle the Greece-led debt shock that threatens to tip the world into a recession.
Read more at http://www.bloomberg.com/news/2011-10-25/deutsche-bank-joins-ubs-in-signaling-more-jobs-at-risk-as-crisis-persists.html
No comments:
Post a Comment