The drip-drip-drip death spiral of what was once the world’s most systemically dangerous bank continues as Bloomberg reports Deutsche Bank has started cutting at least another 250 jobs at its corporate and investment bank units.
These new firings, which could widen to more than 500, according to Bloomberg’s sources, comes after bonus payments that Chief Executive Officer John Cryan said were on the “generous” side, helped push the business in the red.
Cryan is trying to motivate and retain top investment banking staff, while keeping a lid on costs following three straight years of losses.
But with revenue at a seven-year low, even a relatively small increase in compensation can cause losses at the securities unit.
Chief Financial Officer James von Moltke has urged a return to more disciplined cost management after the lender scrapped a target for this year.
And these “generous” bonuses follow a 27% collapse in trading revenues and the disastrous debacle surrounding China’s HNA liquidating its holdings of the giant German bank.
Imagine how “generous” these bonuses would have been if things were really bad?
As Michael Huenseler at Assenagon noted previously:
“The results are disappointing again and we don’t see anything encouraging in them, reinforcing our doubts in the bank’s strategy and management…There’s no silver lining.”
Bloomberg notes that bank officials declined to comment.
For context, Deutsche Bank’s corporate and investment bank employed 17,251 front office full-time staff at the end of last year.
While Deutsche’s share price continues to languish, the last week or so has seen a more concerning re-ignition of short-term counterparty risks as Deutsch Bank’s 1Y Sub CDS spreads have blown out…
SJWs Attack Woman Who Made Native American Feather Art Online
Lauren Jean Welding LLC Facebook page had posted a new artistic addition to her roster of impressive work. Unfortunately, completely lacking all logic and frankly mad that someone who have such a hobby that doesn’t include ruining your life or succumbing to our poison pill American culture, the wild pack of SJWs closed in on their target, a woman in Montana who enjoys making Welding Art.
They decided to take their anger out on someone who created a piece of art, giving her bad reviews (currently sitting at 1.2 Stars) & commenting obvious and recycled leftist gibberish.
It’s important to note that a woman, Elizabeth Warren specifically, ran a whole Presidential Election without one word from these people. Her entire career was uplifted and guided by the fact she had applied and then apologized for literally lying about being a Native American. The lack of irony is not without mentioning many of these people would never dare question one of their own.
Go support her page and her collection of art from the masses of future cat ladies and men who share their girlfriends!
Bill Maher Defends Kavanaugh
On his show Friday night, Bill Maher and his panel got into a heated debate over the “new” allegations about Brett Kavanaugh – yes, the ones even his accuser can’t remember. Maher even turned on his liberal comrades, adopting the position that rehashing events from when Kavanaugh was 17 years old hurt the Democrats in 2018… and could hurt them again.
Citing polling from 2018, Maher said that Democrats could have done better in the midterm elections had it not been for the Kavanaugh hearings: “People did not like going after a guy for what he did in high school. It looked bad and now Democrats are talking about impeaching him again?” Maher said.
Guest Andrew Sullivan seemed to agree. “He probably did some shitty things in high school drunk,” he said.
And when liberal guest Heather McGhee tried to jump in, asking “May the woman please speak about what this felt like?”, Sullivan shot her down immediately: “Please don’t play that card. You’re making my point.”
When Kavanaugh’s temperament was brought up, Sullivan responded: “You try maintaining a good temperament when you’re being accused of something, you had no idea it was coming at you, came at the last minute, and that happened years and years and years ago.”
As McGhee tried to make the point that being a Supreme Court justice isn’t just a “normal job”, Maher immediately fired back: “So you’re saying at 17 you have to have your fully formed character?”
He continued: “Live in reality, man! That’s who they put up. We don’t have the votes, and now we lost seats! Are we gonna do it again? Ruth Bader Ginsburg said glowing things about him… What were you like at 17?”
Social Media is the Biggest Threat to America… It’s Time to Break Them Up
After the another mass ban by Facebook and Instagram of Alex Jones, Milo, Laura Loomer, and Paul Joseph Watson, it is evermore clear and a massive warning to all conservatives that they are not welcome on social media platforms. Something that should also be considered illegal considering their ‘public square’ standing and non-publisher status, which saves them from sued for libel but [should] curtail their ability to promote, dissuade, or ban content based on their choice.
Facebook went as far to even say they’ll ban anyone or organization that shares content from Alex Jones, Infowars, or any of the banned people mentioned, maybe even more.
Facebook is also conducting election-meddling. Gang Emperor Yang, a meme page for Democratic candidate Andrew Yang, was removed less than a month ago.
President Trump has yet to act on this, ironically without social media Donald Trump would never be President. Considering the Media, Entertainment, and Political monopolies are aligned against him it seems maddening that President Trump hasn’t done one thing besides offer the suggestion to “be good” online.
Despite the fact that it’s hard to find to find any popular conservative right besides Ben Shapiro on the internet. When 2020 roles around it’s going to for Donald Trump’s old coalition to remain strong when his followers, his greatest allies in media, and people who helped get elected directly are being de-platformed, silenced, and banned off of social media.