12:20 [youtube/the Duran] (E)
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss Deutsche Bank`s 18,000 job cuts by 2022, as part of a sweeping overhaul at the ailing German bank, which is transitioning out of high-risk investment banking.
7:43 [Zero Hedge] (E)
The bank which only a decade ago dominated equity and fixed income and sales trading and investment banking across the globe, and was Europe`s banking behemoth, is no more. On Sunday afternoon, in a widely telegraphed move, Deutsche Bank announced that it was exiting its equity sales and trading operation, resizing its once legendary Fixed Income and Rates operations and reducing risk-weighted assets currently allocated to these business by 40%, slashing as many as 20,000 jobs including many top officials, and creating a €74 billion "bad bank" as part of a reorganization which will cost up to €7.4 billion by the end of 2022 and which will result in another massive Q2 loss of €2.8 billion, as the bank hopes to slash costs by €17 billion in 2022, while ending dividends for 2019 and 2020 even as it hopes to achieve all this without new outside capital.
8:21 [Strategic Culture Foundation] (E)
Tom Luongo - Italy is in serious trouble financially. This is virtually common knowledge at this point. What isn’t common knowledge is its Euroskeptic government led by Lega’s Matteo Salvini and Five Star Movement’s Luigi Di Maio are preparing an assault on the foundation of the European Union itself to save Italy. And that assault comes with the most innocuous name. Mini-BOT. Mini-BOTs were originally the idea of former Greek Finance Minister Yanis Varoufakis to assist Greece get out of the stranglehold placed on it by the euro. What is a mini-BOT?
14:48 [Lost in EUrope] (E)
For years, Germany was considered unbeatable in the EU. But perception has changed. “The model Germany isch over”, one could say with the (still) most popular German politician. Wolfgang Schäuble would never pronounce it so clearly, of course. But the largest economy in the Eurozone is on the verge of recession, and the CDU politician has left a heavy legacy to his successor in office. Those who still didn’t want to believe have been disabused by the latest company reports. First, the merger between Deutsche Bank and Commerzbank failed. Germany does not get a “national champion”. Then the Bayer shareholders refused to approve the actions of their Board of Management.
8:39 [offGuardian] (E)
The citizens of the European Union are called to vote this week for the European Parliament. It is not a real parliament, and it lacks prospects for becoming one, since all important decisions are taken by the unelected heads of the European Commission and the European Central Bank, dubbed “the worst-run Central Bank in the world”. These elections capture however the general mood of exasperation with current policies. Conservative and extreme Right parties will rise, reflecting widespread scepticism as to the economic course of the EU and its lack of benefits for the common people. The mainstream Left unfortunately neglects these issues, and it will pay the price.