German economy on knife edge as struggling Deutsche Bank closes nearly 200 branches

Monday, July 18, 2016
By Paul Martin

GERMANY’S economy could be on the brink of collapse after its largest bank announced it will shut one-quarter of its branches.

By TOM PARFITT
Express.co.uk
Mon, Jul 18, 2016

Deutsche Bank will close 188 branches across Germany in the coming months, with 51 of them in the North Rhine-Westphalia region.

The lender has been forced to implement dramatic austerity measures after share prices plummeted by a staggering 48 per cent, marking an all-time low.

It has also pulled out of 10 foreign markets, including Russia and Australia, and is poised to cut around 3,000 full-time jobs.

Earlier this year Wolfgang Schaeuble, Germany’s Finance Minister, claimed he had “no concerns” about Deutsche Bank’s plunging share prices.

And co-CEO John Cryan insisted: “Deutsche Bank remains absolutely rock-solid, given our strong capital and risk position.”

But financial expert Max Keiser has poured cold water on their claims, saying the bank is “technically insolvent” and runs a “ponzi scheme”.

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter