Transcripts For BBCNEWS Outside Source 20240714 : vimarsana.

The fallout between the us and uk is continuing. Donald trump says hell no longer deal with the uks ambassador after e mails written by the Sir Kim Darroch described the Trump Administration as inept and chaotic among other phrases. The president has just tweeted. I have been very critical about the way the uk and Prime Minister theresa may handled brexit. What a mess she and her representatives have created. I told her how it should be done, but she decided to go another way. I do not know the ambassador, but he is not liked or well. Thought of within the us. We will no longer deal with him. He goes on to say it was the queen he was most impressed by. Theresa may says she has full confidence in Sir Kim Darroch, and now there are calls in westminsterfor a criminal investigation. If evidence of criminality is found, then, yes, the police could be involved. And the most important focus is to establish who is responsible for this despicable leak. The e mails date back to 2017, and they arent flattering. I dont think this administration will ever look competent. For a man who has risen to the highest office on the planet, President Trump radiates insecurity. The mail on sunday published the story. The journalist isabel 0akeshott was the reporter. She spoke to geeta guru murthy earlier about the decision to publish. These revelations and documents concerned were marked official sensitive, not classified. There is nothing in there that i am aware of the effects of national security. What is the motive for the person who leaked them . It would be wonderful if we could ask the person, but we cant. For me, that doesnt matter too much. Was your motive . Was it to damage theresa mays . Absolutely not, im a journalist. And if you are given a cache of information like this, you look at it as a story. That motivation is simple, its journalistic. Dont forget, the uk will have a new Prime Minister soon either borishjohnson or the foreign secretary, jeremy hunt. Here he is, talking in his current role. It isa it is a personal view. There will be many people in this building who dont agree with that view, and indeed i dont agree with some of the views in that letter. The Us Administration is highly effective. It is very important that our ambassadors and high commissioners continue to feel that they are able to express those views. Jeremy hunt isnt the favourite to become Prime Minister, though borisjohnson is, and hes close to donald trump. So if he becomes the Prime Minister, might he put someone in washington who is equally close to the president . Nigel farages name has come up a lot today leader of the brexit party, which recently won the European Elections. Heres what he said about that idea on bbc. I dont think im the right man for thejob. Am i the right man to try and help forge a better, closer relationship in terms of intelligence, security and trade with an administration that contains friends of mine . Yes, i can be very useful. So the president say he and his administration will no longer deal with the British Ambassador in washington. Anthony zurcher is in washington. Im racking my brain to think of anything that is similar to this. There have been times when the Us Government has revoked the credentials from ambassadors in the us, but that involves minecraft a war. Here, the closest ally to the us is saying he will not deal with them. It is remarkable. To do that, we had tweet, not surprising that thatis we had tweet, not surprising that that is how donald trump makes a lot of his announcements, but its still jarring in the world of diplomacy where these things are handled more diplomatically. But the president said he never met the ambassador, so to what degree does the president set the tone by which people further down the chain to deal with ambassadors . There is clearly some divide between donald trump and the diplomatic corps of the United States, the state department too much of its administration, the rank and file. They are used to dealing with things differently to donald trump. However, he has been appointing more of his ambassadors, people who deal with foreign ambassadors to the United States and there could be some friction because of things like this. Donald trump does set the tone, the people he brings intent to follow his lead, even the rank and file, so this could very well exacerbate some of those conflicts within the us Foreign Policy organisation where the people who are lower level threw up the people who are lower level threw up their hands and wonder how they are supposed to do with other countries diplomatic policy is being sent via tweet. I am looking at that phrase, we will no longer deal with him. Im trying to understand the way the uk in the us would deal with each other anyway, to what degree is the ambassador a primary source of communication . Donald trump has direct communication with theresa may and for the people in the uk and through his own ambassador there. So it may not have an immediate impact. It depends on the administration, how much they lean on the ambassadors who are here in washington, dc, the contact and information about the foreign governments. It is somewhat uncharted terrain to try and figure this out. But this is the way donald trump has operated in the past, and he tends to break norms, so we found ourselves in unusual footing. Unusual footing, ourselves in unusual footing. Unusualfooting, certainly, ourselves in unusual footing. Unusual footing, certainly, as ourselves in unusual footing. Unusualfooting, certainly, as we get more reaction to donald trump saying he will not deal with the uks ambassador to washington, we will bring it to you. Grim day for Deutsche Bank the process of cutting 18,000 jobs began earlier. Thats a fifth of its global workforce. These are its offices in london, where employees were seen leaving with boxes. But of course it has employees all around the world. Just in london, it had 8,000 staff. In new york, employees were seen Holding White envelopes we think they contained their exit paperwork. This woman on wall street even took a plant with her. Michelle fleury is in new york. I think, if you talk to people here in america, they will tell you that for a while deutsche are back has been the sick man of wall street, so it is perhaps not too surprising if anything the question about when Deutsche Bank will take action. The problem is this. You have over two decades ago a bank that decided it wa nted decades ago a bank that decided it wanted to take on the big American Investment banking firms and to try and become a dominant player. They took up headquarters not far from here on wall street as a sign of their ambitions. Unfortunately, though, those did not work out. You are seeing the bank now beating a retreat, having to do massive restructuring of its business. We talked about the job losses, but there is more going on. Essentially, they are saying they failed to achieve what they wanted to, and instead a re achieve what they wanted to, and instead are refocusing on corporate banking. The reason for this is because, when you look at traditional banking, retail banking, where you and i might go and get a bank account, that does not offer high margins. The bit where the bankers make a lot of money is risky ventures, and that is not paid off the germanys Deutsche Bank and thats what youre seeing this news today. Deutsche bank has been struggling for years, particularly with this investment bank. 0ne struggling for years, particularly with this investment bank. One where you can illustrate that is with this graph, plotting its share price. It hit a high and 2007 of over 91 euros but it has been pretty much downhill ever since, particularly after the 2008 sign financial crisis. Thats despite several attempts to revamp the business. Three months ago, it was in merger talks with its german rival, commerzbank the idea was to create a german big hitter in the banking industry. But that was deemed too risky and that plan fell apart. Heres Damien Mcguinness in berlin. They didnt really manage to keep the Business Clean enough. They took too many risks, they did not deal with regulations efficiently, there area number of with regulations efficiently, there are a number of court cases and investigations going on including a probe into alleged tax evasion as well as allegations of being negligent when it comes to money laundering. So all of those things have hit the banks reputation and Balance Sheet because we have seen huge court costs and legal fees which the bank is having to deal with. So this is more than just a simple restructuring programme, because it is. It is an entire new direction because they are jettisoning most of the banking business and going back to their roots when they were founded on the 19th century to serve German Companies, help German Companies export. The question is, is it enough of a reform . And will they be able to have a profitable enough business to do that and avoid being taken over . Business to do that and avoid being ta ken over . Because business to do that and avoid being taken over . Because if this doesnt work, they will not be around for much longer. If in the next couple of years these reforms do not work, the bigger risk is that another International Bank would take them over 0 International Bank would take them over so that is what people here in germany are afraid of. Shares have plummeted so far by more than 5 . A tweet from Deutsche Bank quotes the chief executive as saying we compete where we can win. Lets go back to Michelle Fleury in new york. Its retreating from one type of business, saying, we are going back to focusing on serving companies. It goes to this idea of which bits of the business have a higher margin because traditional bread and butter marking banking serving the likes of you and i is not the sexiest part of you and i is not the sexiest part of the business with high profit margins. And thats what the ceo is trying to position the bank for, to find a way to take the piece of the pie of some of those more profitable sections of the banking industry. The takeaway i would say right now is that i would not be surprised if you saw some of the american banks carve out an even bigger role than they already have in europe. The other winner from todays news they already have in europe. The other winnerfrom todays news might be ba rclays other winnerfrom todays news might be barclays as they try to pick up the scraps where Deutsche Bank withdrew. Stay with us on 0utside source still to come its been confirmed that iran has broken another major part of the Nuclear Agreement it signed with the west. Trade Union Leaders have reached a common position on brexit after a meeting with the labour leader, jeremy corbyn. 12 of the the biggest labour supporting unions are backing a referendum on any conservative brokered deal. Heres ian watson. It represents a change for unions but significantly this will represent a change for the labour party itself. Jeremy corbyn has been under huge pressure to effectively adopt a pro remain position since very poor European Election results a month ago. He has been under pressure, not just from a month ago. He has been under pressure, notjust from tom watson, but from people on the left of the party such as john but from people on the left of the party such asjohn mcdonnell, the shadow chancellor, to beef up labours position ahead of any new conservative leader being elected. A potential stumbling block to that was the big unite trade union led by Len Mccluskey because it had always been sceptical about labour moving toa been sceptical about labour moving to a more remain position and it is hugely influential. But they have decided that if there is a conservative deal labour should press for a referendum