Job cuts at Deutsche Bank cause the biggest loss since the financial crisis: companies in direct contact | Business

Hello and welcome to our slippery coverage of the global economy, financial markets, the eurozone and businesses.

German Bank This morning, it recorded its biggest quarterly loss since the depths of the financial crisis by absorbing the cost of firing thousands of workers – with the United Kingdom and the United States at a crossroads.

Germany's largest lender recorded a net loss of 3.1 billion euros in the second quarter, after a charge of 3.4 billion euros for dismissal and other costs.

Deutsche Bank has been struggling for almost ten years since the financial crisis and many executives have failed. Christian Sewing, the last managing director of Deutsche, finally bit and decided to reduce the underperforming investment bank earlier this month – with 18,000 job cuts worldwide.

Sewing says:

We have already taken significant steps to implement our Deutsche Bank transformation strategy. These are reflected in our results. A significant portion of our restructuring costs is already being digested in the second quarter.

Excluding processing costs, the bank would be profitable and, in our more stable operations, revenues are stable or growing. This, combined with our strong capital and liquidity position, gives us a solid foundation for growth.

The net profit of Deutsche in the second quarter would have been 231 million euros without severance pay, he added. However, incomes fell again by 6%.

Economists from the bank and elsewhere will turn to the latest German index of purchasing managers.

In the UK, London is on the verge of doing another scorcher with regards to the weather, but Aston Martin LagondaWell-paying general manager Andy Palmer has an uncomfortable day ahead of him for other reasons, as he explains the cuts in his sales forecast one week before the half-year results.

The British automaker blamed the "deeper macroeconomic uncertainties" than it had pointed out in May, and said it foresaw that "weakness" would persist for the rest of the year .

Aston Martin also worriedly stated that it was taking "immediate steps to improve efficiency and reduce our fixed cost base."

Just before opening in Europe, stock markets in Asia to have a sunnier disposition, with higher shares Wednesday thanks to the promise of new trade negotiations between the United States and China. Bloomberg has announced that US Trade Representative Robert Lighthizer will visit Shanghai next week.

Shares of the Australian Securities Exchange (ASX) 200 rose 0.8%, reaching their highest level in 12 years.

L & # 39; s calendar

• TSB: Purchasing Managers Index for Manufacturing and Services in Germany (July)
• TSB: Manufacturing PMI and euro area services (July)
• 9:30 BST: UK Finance Mortgage Approval (June)
• 14:45 BST: Manufacturing and Services PMI in the United States (July)