Home / Business / CEO of Deutsche Bank reprimands leaders for adjusting collective redundancy day to $ 1,800

CEO of Deutsche Bank reprimands leaders for adjusting collective redundancy day to $ 1,800

Christian Sewing, managing director of Deutsche Bank AG, pauses as the largest German bank announces its annual results in Frankfurt, Germany on Friday. February 1, 2019. Deutsche Banks 'revenues contracted for the eighth consecutive quarter in the last months of last year, complicating CEO Christian Sewings' plan to straighten the lender by reducing costs. Photographer: Krisztian Bocsi / Bloomberg via Getty Images

Krisztian Bocsi | Bloomberg | Getty Images

When asked if there would be consequences for the staff, Sewing only stated that he had called the "colleagues" involved and discussed the incident with them.

"I presume in any case that the two colleagues will not forget my phone call," said Sewing, suggesting that he gave them a lick.

Deutsche Bank announced Sunday the closing of its global equity trading business and the elimination of 18,000 positions as part of a massive restructuring to improve the profitability of the troubled bank.

Previously, Deutsche had sought to compete with the big American banks on Wall Street. This strategy began with the acquisition of the $ 10 billion Bankers Trust in the late 1990s.

But the aggressive and ambitious strategy of the German bank to become a global energy company eventually turned against it. Deutsche was severely weakened by a series of expensive business-related scandals on the eve of the 2008 financial crisis as well as other alleged acts of reproach.

Deutsche reached a $ 7.2 billion settlement with the US Department of Justice in January 2017 for allegedly misleading investors in the sale of mortgage-backed securities. The bank was also fined $ 630 million for alleged money laundering by Russia.

The penalties come two years after the bank paid a $ 2.5 billion fine to US and UK regulators for allegedly participating in a scheme to set interest rates.

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