German bank WestLB flirts with crisis, huge job cuts loom: reports
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Troubled German regional bank WestLB plans to cut 1,700 jobs, or around 30 percent of its workforce, as part of a plan to save it from ruin, the German magazine Focus said Friday.
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The sharp rise in the euro at the end of last year could whittle down the Bundesbank's 2004 annual profit to next to nothing, spelling further bad news for Germany's already severely straitened public finances, ...
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HypoVereinsbank (HVB), Germany's second-biggest listed bank, said it expected to book a bottom-line loss for the third year in a row in 2004 after it undertook a clean-sweep of its balance sheet, refuelling recurring rumours of a possible takeover.
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The number of people looking for work in Germany, the biggest eurozone economy, rose to its highest level in seven years as the bad weather and sluggish growth caused dole queues to swell at the end of last year, official data showed.
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Commerzbank said Tuesday it lost 208 million euros (&#36;258 million) in the third quarter and will slash hundreds of jobs in its investment banking division.
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The German central bank made around four billion euros in profits last year, according to a report in Financial Times Deutschland on Monday.
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Germany's fifth-largest bank, WestLB, said Sunday it is selling its majority stake in steel distributor Kloeckner &amp; Co. AG to a U.S. investment firm as part of efforts to unload noncore assets.
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FRANKFURT Deutsche Bank, the largest bank in Germany, appears headed for an important executive overhaul aimed at turning problem areas of the business into profit centers over the coming year.
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Job cuts at European investment banks are set to accelerate, suggesting the sector is not too optimistic on revenues and is feeling the pressure to boost returns by clamping down on costs.
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Surging oil prices are weighing on business sentiment in Germany, the eurozone's biggest economy, a new poll showed.
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Germany's biggest banks is to cut 1,920 positions over the next two years as part of an ongoing reorganisation.
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Deutsche Bank, Germany's biggest bank, said it planned to slash 3,280 additional jobs, or five percent of its workforce, even as its net profit soared 87 percent last year in its best annual performance in four years.
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German business sentiment fell in September for the fifth month in a row, an influential survey showed Tuesday, and most analysts said the eurozone&#39;s biggest economy had clearly hit the brakes.
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Goldman Sachs Group  and Credit Suisse Group  on Friday said they will cut about 2,000 job worldwide as a credit crisis puts a damper on fixed-income trading and corporate dealmaking.
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Germany, the biggest eurozone economy, risks running foul of the EU's tight budget rules again next year, even if Berlin insists it will be able to meet its deficit commitments in 2005, the Bundesbank warned.
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Reports claim the German bank could merge with the postal operator's subsidiary Postbank.
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German banks, looking to put bad  investments behind them, are hanging 'For Sale' signs on  billions of euros in distressed loans in a move that's  attracting major U.S. vulture funds.