“These Are Extremely Poor Results”: Deutsche Bank Reports Titanic $7 Billion Annual Loss
by Tyler Durden
ZeroHedge.com
01/21/2016
When it comes to picking a poster child for everything that’s wrong with Wall Street and the financial industry in general, it’s sometimes difficult to decide just who gets the blue ribbon for “most nefarious.”
Indeed, since 2008 we’ve learned that virtually every systemically important financial institution on the face of the planet has at one time or another engaged in some manner of chicanery be it the manipulation of the world’s most important benchmark rates, the peddling of worthless mortgage bonds, or the rigging of FX markets.
Having said all of that, Deutsche Bank may well qualify as the institution that “best” exemplifies the banking industry’s penchant for greed, corruption, and general malfeasance.
From rate rigging to book cooking to deplorable HR procedures, the German lender has it all and last summer, the bank showed co-CEOs Anshu Jain and Jürgen Fitschen the door amid shareholder pressure to reform the corporate culture and improve performance.
To be sure, new CEO John Cryan has his hands full.
The bank is saddled with mountainous legacy litigation and faces an uphill battle to streamline operations. Back in October, Cryan announced that Deutsche would cut 35,000 positions and exit 10 countries as part of a sweeping overhaul.
Oh, and Cryan also preannounced a massive loss and subsequently scrapped the dividend.
The Rest…HERE
