Deutsche Bank To Lay Off 1900 Employees

Deutsche Bank is laying off 1900 people. 1500 of them are in the investment bank.

Here’s the press release.

This news comes as Meredith Whitney’s been chatting with Tom Keene on Bloomberg TV this morning, and just as she started explaining why she thought Wall Street’s big banks would initiate massive layoffs (50,000, actually).

Deutsche Bank’s stock is shooting up, according to Bloomberg.

That makes sense according to Whitney’s thesis as she explained it to Maria Bartiromo last week— the market will reward banks that shrink their staff and their business.

Deutsche Bank To Lay Off 1900, As Meredith Whitney Predicts 50K Total Wall Street Layoffs | Shift Frequency