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I have long thought that if the developed world were to face another 2008-style financial crisis, the trigger would be a collapse of Deutsche Bank. Zero Hedge has noted in the past, the bank has a scary €43.5 trillion in derivatives, and the bank has been performing badly for years.
The latest news that Deutsche Bank is exiting the global equities business, is facing a large loss, and is slashing thousands more jobs is yet the latest sign that the company is in deep trouble:
Deutsche - Bank - Sunday - Equities - Sales
Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.
Deutsche will cut 18,000 jobs for a global headcount...
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Don't touch that, you don't know where it's been.