German Economy on a Knife Edge: Struggling Deutsche Bank Closes Nearly 200 Branches
by TOM PARFITT, http://www.express.co.uk/
GERMANY’S economy could be on the brink of collapse after its largest bank announced it will shut one-quarter of its branches.–
Deutsche Bank will close 188 branches across Germany in the coming months, with 51 of them in the North Rhine-Westphalia region. The lender has been forced to implement dramatic austerity measures after share prices plummeted by a staggering 48 per cent, marking an all-time low. It has also pulled out of 10 foreign markets, including Russia and Australia, and is poised to cut around 3,000 full-time jobs.
Earlier this year Wolfgang Schaeuble, Germany’s Finance Minister, claimed he had “no concerns” about Deutsche Bank’s plunging share prices. And co-CEO John Cryan insisted: “Deutsche Bank remains absolutely rock-solid, given our strong capital and risk position.” But financial expert Max Keiser has poured cold water on…
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