Deutsche Bank Braces For $7 Billion Dollar Loss As Banksters Go Belly Up…”Banks are done.”
by Thomas Dishaw
ThomasDishaw.com
October 8th, 2015
Banks are done. Nobody needs them, nobody likes them, they scam you, and their boring. The bloodbath is fast approaching as Deutsche Bank takes BILLIONS in loses according to this Bloomberg report:
Deutsche Bank AG co-Chief Executive Officer John Cryan unveiled the firm’s biggest quarterly loss in at least a decade and may eliminate a dividend that’s stood since Germany’s postwar reconstruction as he tries to overhaul the firm without asking shareholders for more capital.
Europe’s biggest investment bank expects a third-quarter loss of 6.2 billion euros ($7 billion) after writing down the value of its two largest divisions and boosting reserves for legal costs. Its American depositary receipts tumbled 6.9 percent after the disclosure late Wednesday as of 6:36 p.m. in extended trading in New York. Cryan, in a memo to staff, said employees will share some of the burden when the firm sets year-end bonuses. (slaves get screwed again)
The charges clear the way for a strategy that Cryan, who became co-CEO in July, is preparing to present later this month as he looks to shore up capital and boost profitability. Spending on regulatory and compliance costs have overwhelmed the firm’s efforts to cut costs.
Cryan “wants to start off with a clean slate for himself and his shareholders,” said David Kass, a professor at the University of Maryland’s Robert H. Smith School of Business. “They’re writing down areas that turned out to be riskier or less profitable than originally expected, essentially saying they’re worth less than before, which would certainly help comparisons in future years look better.”
