Deutsche Bank CEO Christian Sewing says he reprimanded executives for having expensive custom suits tailored the day that mass layoffs hit the troubled bank’s offices in London, New York and Tokyo. - CNBC
When asked if there would be any personnel consequences, Sewing said only that he called the "colleagues" involved and discussed the incident with them.
"I assume in any case that the two colleagues will not forget my telephone call," Sewing said, suggesting he gave them a tongue-lashing.that it was shutting down its global stock trading business and slashing 18,000 positions in a massive restructuring to improve the troubled bank's profitability. Deutsche once sought to compete with large American banks on Wall Street, a strategy that began with its $10 billion acquisition of Bankers Trust in the late 1990s.
But the German bank's aggressive and ambitious strategy to become a global power house ultimately backfired. Deutsche has been severely weakened by a series of costly scandals related to business practices in the run-up to the 2008 financial crisis as well as other alleged wrongdoing.with the U.S. Justice Department in January 2017 for allegedly misleading investors in the sale of mortgage-backed securities.
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