Deutsche Bank announces major overhaul of investment bank

Deutsche Bank’s cuts to its bond and equities trading will focus on the US and Asia. (Reuters)
Updated 26 April 2018
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Deutsche Bank announces major overhaul of investment bank

FRANKFURT: Deutsche Bank on Thursday announced cuts to its bond and equities trading in a major overhaul of its troubled investment bank after posting a 79 percent drop in net profit in the first quarter.
The cuts will result in job losses and include a scaling-back of its business with hedge funds. The bulk of the cuts will focus on the US and Asia.
The cuts are a move to become a more corporate-led bank and a return to the bank’s origins after rampant growth across the globe over past decades.
“Deutsche Bank is deeply rooted in Europe – here we want to provide our clients access to global financing and treasury solutions,” said Chief Executive Officer Christian Sewing. “This is what we will focus on more decisively going forward.”
The reduction in headcount is “painful but regrettably unavoidable to ensure our bank’s competitiveness in the long run,” he said.
Germany’s flagship lender fell short of expectations of analysts in the first quarter. Net income of €120 million was below the forecasts of net income of €379 million, according to a Reuters poll.
It was also below the €575 million posted in the first quarter of last year.


Twitter co-founder Evan Williams leaving board

Updated 23 February 2019
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Twitter co-founder Evan Williams leaving board

  • ‘It’s been an incredible 13 years, and I’m proud of what Twitter has accomplished during my time with the company’
  • ‘I’m going to ride off into the sunset (or...down Market Street), so I can focus on some other things’

SAN FRANCISCO: Twitter co-founder and one-time chief executive Evan Williams is stepping down from the board, leaving the one-to-many messaging service to focus on “other projects.”
Williams will depart the Twitter board at the end of this month, according to a filing with the US Securities and Exchange Commission on Friday.
“It’s been an incredible 13 years, and I’m proud of what Twitter has accomplished during my time with the company,” Williams said in the filing.
“I will continue rooting for the team as I focus my time on other projects.”
Williams throttled back his role in the San Francisco-based startup eight years ago, turning his attention to new endeavors including creating popular online publishing platform Medium.
Williams ceded his role as Twitter chief executive to Dick Costolo in 2010. Co-founder Jack Dorsey returned as Twitter chief in 2015, having held the position when the startup was nascent.
Dorsey said in a Tweet that Williams was the reason he joined startup Odeo, an endeavor that led to him, Williams and Biz Stone creating Twitter.
“I appreciate you, Ev!” Dorsey tweeted on Friday.
“We’re going to miss your voice in our board conversations.”
Twitter has become a high-profile, and sometimes controversial, global stage for communication since it was launched in March of 2006.
“Thank you, @jack and @biz for starting this crazy company with me-and continuing to make it better and better,” Williams tweeted.
“I’m going to ride off into the sunset (or...down Market Street), so I can focus on some other things.”