Thursday, June 23, 2016

3000 Jobs affected: German Bank includes every fourth branch – WirtschaftsWoche

Less Locations, still more consulting – as the German bank sells the cuts in its branch network. After long negotiations have been announced first figures. Management believes the austerity plan no alternative.

The German bank is serious about their austerity than one quarter of the stores in Germany will be closed, almost 3,000 full-time positions are eliminated. The number of sites is reduced from 723 to 535, especially in metropolitan areas will thin out its store network, Germany’s largest money home. In this context, the management agreed after months of negotiations with the works council, as the bank announced on Thursday. About the cancellation of about 1000 additional locations in other areas in Germany is still under negotiation.

The first of the 188 affected stores are made close in the fourth quarter of this year are, most of then in the first half of 2017. the exact scratchlist not published the Bank, make it likely especially big cities like Frankfurt and Berlin. In the capital, for example, the Group pays far duplication with the daughter Berliner Bank.

The negotiations on further job cuts approximately in the IT or communications are to possible end of this year to be completed. The Bank had announced in October, decided to reduce about the planned Postbank sale also in-house until 2018, the bottom line 9000 jobs, including 4,000 in Germany. These plans of Dax Group

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Although supervisory board chief Paul Achleitner will be available at the meeting in the center of shareholder criticism CEO John Cryan is the long-suffering shareholders a forward-looking vision guilty.

of the nearly 3,000 full-time positions, the abolition of which has now been negotiated with employee representatives, account for about 2,500 on the retail and corporate customer business. Thus in the division every seventh of 17,000 points is deleted. This affects, among other things also asset management and risk management.

The council stressed the job and branch removal you stand skeptical. “We would have wished that the reconstruction of the private and corporate customer business in a more moderate process over a longer period could be stretched,” it said in a statement. After all, he had managed to limit job cuts. In the German private and corporate customer business about 300 jobs were less clear than originally announced by the Bank. In addition, fewer stores would be closed than initially planned.

Where the German bank anywhere anger has

  • money laundering in Russia

    in June it was announced that investigators around the globe pursue the suspected Russian customers might have washed over the German bank ruble black money worth at least six billion dollars. The Bank has promised to work for up of the case with the authorities. Several employees in the Moscow office were therefore placed in front of the door, including the former chief trader in Russia, Tim Wiswell

    Meanwhile, the affair has reached a new dimension. The US Department of Justice and the financial authority of New York (DFS) check, according to a media report that the Bank has violated sanctions. We must also to the question whether transactions with confidant of Russian President Vladimir Putin made and whether the bank has taken internally appropriate action to prevent such violations.

  • US sanctions against Iran
    17

    Already Greater is the German bank suspected of violating sanctions, the US has imposed on countries such as Iran. Discussions on a comparison run, as insiders report. Internally, there was recently the hope that this issue can be completed promptly. The bank has stressed they have withdrawn from Iran business already of 2007. Some other financial institutions had for comparisons in the matter already deep into their pockets: The French BNP Paribas paid nearly nine billion dollars, 1.45 billion US dollars Commerzbank

    • .

  • US mortgage

    the end of 2013 paid the German bank 1.4 billion euros for the settlement of their biggest dispute in connection with questionable mortgage transactions in the United States. The Institute should have made false declarations before the financial crisis on the sale of securities, which are backed by mortgages. Other methods that the US Federal Housing Finance Agency (FHFA) had initiated against the German bank and other buildings are, however, excluded from the comparison. Other lawsuits are still on the table and could potentially cost a lot of money.

  • Kirch

    the Bank is of the Munich Higher Regional Court considers responsible for the failure of the media group in 2002. basic is an interview of the former bank heads Rolf Breuer, in which he had sown doubt on Kirch’s creditworthiness. Early 2014, the parties to the dispute have agreed in a settlement, although damages of 925 million euros. But the criminal investigation against certain top managers of the Bank for attempted process fraud ran on. The Munich prosecutor finally brought charges against German Bank Co-CEO Juergen Fitschen and the former top executive Josef Ackermann, Rolf Breuer and Clemens Börsig. Start of the trial was in April, the method runs. The investigation was also extended to the present law Executive Stephan Leithner and lawyers for the bank.

  • CO2

    the Frankfurt office is investigating the bank on suspicion of sales tax evasion in connection with the fraud with CO2 pollution rights. Some 500 armed police and tax inspectors had therefore searches the end of 2012 to the Bank’s headquarters in Frankfurt and other offices. Co-chief Fitschen and longtime CFO Stefan Krause were among the original 25 employees of the bank, has been subject to investigation in the affair because of serious tax evasion. Because Fitschen and Krause had signed based on the CO2-fraud tax return. In August this year, the Attorney General’s Office Frankfurt rose eventually to eight participating account managers and traders at Deutsche Bank accused of “band excessive tax evasion”.

  • interest scandal
    17

    Due to the manipulation of important reference rates such as euribor and Libor had the German bank to pull the trigger a lot of money , The EU Commission imposed a penalty late 2013 of 1.7 billion euros against six major banks, which accounted for 725 million euros of the lion’s share on the Frankfurt money home. The authorities in the UK and the USA hummed the Bank to a record fine of $ 2.5 billion. The German Financial Supervisory Authority has a number of top managers sharply criticized in its report on the interest rate affair and accused lax internal controls, or a lack of awareness of the trickery. Among them was co-CEO Anshu Jain, who presented his office available in early summer. A link between the resignation and the BaFin report showed the bank but back.
    With four allegedly involved in the scandal interest dealers, the German bank in Frankfurt after much back and forth on a comparison agreed, which also cost money.
    Whether the interest section is really finished, is open. In the USA, class actions by investors against the bank could be authorized. but you need to clearly demonstrate that they are caused by the manipulation disadvantages.

  • Foreign exchange and derivatives

    supervisors, including BaFin, the suspect go that banks have the trillion-dollar foreign exchange market also tricked. Some international banks have already closed multibillion comparisons in the matter. The German bank as a not the biggest currency traders in the world. But it has, according to financial circles suspended several traders from service. They obviously are suspected to have turned on reference rates. The German bank has stated that she works in resolving the scandal with various regulators and also launched an internal investigation. This investigation revealed according to data from financial circles, that there has been no evidence of trickery on all major currencies euro, dollar, pound and yen are, but probably isolated the Russian ruble and the Argentine peso.
    From hook Frankfurt are not: In the US branch of the bank, the New York financial DFS installed an inspector, according to financial circles now for several months, the electronic currency trading system looks at more closely. Accordingly, algorithms of the platform “highway” of the investigation.
    American and German overseer also relate to allegations that financial institutions affected the highly regarded market index swaps (ISDAFIX) in their favor have. They have also requested information from Deutsche Bank.

  • US tax dispute

    the US Department of Justice determined for more than five years against financial institutions in Switzerland for alleged tax evasion. On hook the authorities also have the German bank since, 2013. Their Swiss subsidiary reimbursed voluntary. According to financial circles, the German bank has registered with the US authorities because they suspected some US customers might have hidden their assets in Switzerland before their domestic tax regimes. Since then, data would be delivered to the USA and answers queries. A penalty but the bank could thus probably not turn away, but only hope for a discount. A decision is still pending. The fines can be up to 50 percent of the hidden money.

” The loss of jobs is a painful decision, “said private clients CEO Christian Sewing. “Unfortunately, this step is inevitable, so the German Bank remains competitive in the long.” Redundancies will prevent the Bank. CEO John Cryan reiterated that drastic cuts were “the only way to survive in this harsh environment in the long term”.

About the layoffs addition, the Bank shall withdraw from ten foreign markets and evaporated and the Investment Banking on. 2015 German bank had reported a record loss of 6.8 billion euros due to the corporate restructuring.

In addition to the remaining 535 stores, the modernized gradually to be, the bank wants over the next year through the federal territory spread open seven counseling centers. There are 360 ​​bankers for private and corporate customers are also outside the normal opening times of classical branches via chat, video and telephone.

Despite the interest rate lows increase yields, the Bank is increasingly focusing on wealthy clients. In each branch, it should in future give advice on asset management, for the number of experts will be increased in this area by the 100th For advising SMEs the Bank also intends to create about 140 new jobs.

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