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Deutsche Bank's aggressive cost cutting programme comes as the bank adjusts to life under new CEO Christian Sewing, who replaced Brit John Cryan after a swift ousting in April.
Steve Eisman told Bloomberg TV that Deutsche Bank "has real profitability issues," that it's "probably undercapitalized," that he thinks it will "probably raise capital again next year," and that "it has to shrink dramatically."
Just over a month ago, the British pound was seen as the "darling of the currency world," but fast-forward to the present day and the pound has tumbled from 1.43 against the dollar to just 1.35 and suffering its first monthly loss in April in nearly 15 years.
‘There is no time to lose:’ Deutsche Bank is embarking on a major overhaul — and it will lead to big job losses
The German lender plans to scale back US operations in both rates sales and trading, while corporate finance operations in both the USA and Asia will shrink.
It's the latest in a series of struggles at the bank.
Garth Ritchie, Deutsche Bank's co-head of investment banking, is thinking about leaving the company.
JPMorgan's top banks analyst Kian Abouhossein said in a note Wednesday that Deutsche Bank should slash its US business.
The pound has ended every April for the last 14 years at a higher level against the dollar than it started the month.
Deutsche Bank COO Kim Hammonds told a conference that the bank is the "most dysfunctional" company she has ever worked for.
"That would be a game changer to what we're doing," Deutsche's co-head of corporate and investment banking said at a conference in London.