Deutsche Bank Taps JPMorgan’s Pearce for European High-Yield
Bloomberg 1 hr ago William Shaw and Steven Arons
(Bloomberg) Deutsche Bank AG has hired JPMorgan Chase & Co. veteran Sebastian Pearce as head of European high-yield trading, as it boosts staffing in that unit amid a boom in activity.
Pearce will join Deutsche Bank in June, two months after Luis De Diego Yenes arrives as a strategist on the same desk from Citigroup Inc., a person familiar with the matter said.
The German lender has been beefing up its credit business as it seeks to benefit from a global trading boom that has led to soaring revenue in its securities unit. The lender’s new investment banking head, Fabrizio Campelli, recently said that revenue has surged 20% year to date in the division, highlighting credit trading as one area of particular strength.
Deutsche Bank Taps JPMorgan s Pearce for European High-Yield
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Deutsche Bank targets 450 jobs in first round of branch closures
Deutsche Bank last year announced plans to close 100 out of its 500 Deutsche Bank-branded branches
(AFP)Premium
. Updated: 25 Feb 2021, 06:26 PM IST Bloomberg
An exact number hasn’t been decided and the figure may still change as talks with works councils continue, sources said
The reductions are part of Chief Executive Officer Christian Sewing’s plan to eliminate 20% of Deutsche Bank’s workforce in a four-year restructuring announced in 2019
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Deutsche Bank AG is seeking to eliminate between 400 and 450 jobs at one of its two retail networks in Germany as a result of branch closures announced last year.
Deutsche Bank Posts Profit, Sees Positive Trend In FY21; Stock Down
FRANKFURT (dpa-AFX) - German banking major Deutsche Bank AG reported Thursday a profit in its fourth quarter as well as in fiscal 2020, compared to prior year s loss, with good revenue growth mainly in Investment Bank.
Going ahead, the company said the overall positive trend is expected to continue in 2021. Meanwhile, Deutsche Bank shares were losing around 1 percent in German trading and around 2 percent in pre-market activity on the NYSE.
The bank further reaffirmed its 2022 targets for adjusted cost reduction.
Commenting about its first annual profit in years, the bank s Chief Executive Officer Christian Sewing said, With profit before tax of a billion euros, we re ahead of our own expectations. We have built firm foundations for sustainable profitability, and are confident that this overall positive trend will continue in 2021, despite these challenging times.
Subdued Messages From Pharma and Consumer Giants: Earnings Wrap
Bloomberg 2/4/2021 Joe Easton and John Bowker
(Bloomberg) European company earnings were mostly subdued, with drugmaker Roche Holding AG issuing cautious guidance and Unilever Plc reporting weak profit margins in the beauty and personal care division.
Among Roche’s difficulties are missed hospital appointments due to Covid-19, delaying treatments. Nokia Oyj showed the Reddit day traders who caused the stock to surge last week that the underlying business is not so rosy, with sales continuing to fall. Royal Dutch Shell Plc reported a slump in fourth-quarter cash flow, and Commerzbank AG racked up a $3.5 billion loss tied to the pandemic.
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