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UniCredit To Fire 10,000 As EU Bank Pink Slip Pandemonium Continues
Hours ago, it was revealed that Deutsche Bank is set to fire some 23,000 people or around a quarter of its workforce. The move comes as new CEO John Cryan works to cut costs and boost profitability after the bank’s co-CEOs Anshu Jain and Jürgen Fitschen were shown the door as investors became impatient with efforts to boost profitability and as a string of settlements and seemingly endless accusations of malfeasance underscored deep seated problems with the bank’s corporate culture.
Of course as we noted this morning, the layoffs at Deutsche don’t say much for Europe’s economic “recovery” either and may also suggest that far from creating jobs, the persistence of ZIRP has crimped margins forcing banks to make up the difference by getting leaner.
In any event, Deutsche Bank isn’t the only European lender that’s axing people. As tipped by CEO Federico Ghizzoni earlier this month, UniCredit is now set to layoff 10,000 employees across its Italian, Austrian, and German operations. Here’s Reuters:
UniCredit (CRDI.MI), Italy's biggest bank by assets, is planning to cut around 10,000 jobs, or 7 percent of its workforce, as it seeks to slash costs and boost profits, a source at the bank told Reuters on Monday.
The planned cuts will be concentrated in Italy, Germany and Austria, several sources said, adding that they include 2,700 layoffs in Italy that have already been announced.
A UniCredit spokesman declined comment beyond noting that the bank's CEO Federico Ghizzoni had on Sept. 3 said there were no concrete numbers on potential lay-offs, after a report said it was considering eliminating 10,000 positions in coming years.
Ghizzoni is reworking a five-year strategic plan, unveiled only last year, that will aim to boost revenue and cut costs. The revised plan is expected to be announced in November.
UniCredit, which has 146,600 employees across 17 countries, is under pressure to boost its profits as low interest rates are expected to keep hurting its earnings in coming years.
And there, ladies and gentlemen, is your European recovery - 33,000 pink slips in a single day.
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BOHICA on and all, but it might be interesting if the lay-offs started telling stories......
At least burger flippers can't be laid off due to automation. Yet...
The separation package is a pink slip and a nail gun.
Life not worth living without teh hookers & blow? Jump MF'ers!!
Root for the fuckin' bread lines!
Goose Gold and Long Bonds!
tis only a flesh wound...
So timely
"Watching you just know with the Deutche Bank, one would think you have been doing this all your life."
https://www.youtube.com/watch?v=BztF71vFpnE
low interest rates are expected to keep hurting its earnings in coming years.
How is it ZIRP hurts the banks in the EU but provides vast largess for banksters in the USA?
Remember that time Lehman Brothers laid-off 6% of their employees.. Good times, good times..
Due to extreme financial distress they will only issue staple guns now.
Coming soon to a bank in your neighborhood, more layoffs from the banksters. After that, cost cutting will have money center banks shutting more of their branches here.
GOODBYE, FAREWELL, AUF WIEDERSEHN YOU DIRTBAGS!
GOODBYE, FAREWELL, AUF WIEDERSEHN YOU DIRTBAGS!
Worth a double post.
Wow, Vipro! Keep going!
With the shortage of labor to fill the jobs in Europe, TPTB should probably open the doors to more immigration.
They just got a big herd in from the ME willing to work for cheap. The drovers broke a new trail, had to find a place to ford, but they pushed the herd hard from down Turkey way to hit the railhead in Austria. Put 'em on cattle cars for the rest of the way to the packing houses in Germany.
BTW, EU doesn't need the Eastern European scum anymore when this new scum is much cheaper.
And convienently...the royal sauds have agreed to pay for Mosques whereever their poor neighbors (unwanted refugees) want to setup homes...just not in Saudi Arabia!
Well after all they are Elite Patriarchs, Royalty!
Just making space for all these refugees.
More paper-pushers will have to actually work for a living? The news just keeps getting better and better!
DB are my least favourite bank to have to deal with. Pretty sure they all just mill about the office hurling their own shit at each other while the few clever chimps figure a way to steal money and get away with it.
Bad for pen and paper producers. Good for local bars!
Smells like labor force propaganda from overseas to persuade the Fed from raising rates. The timing is uncanny.
Only 7%? UniCredit has not heard of Artificial Intelligence?
Obama and his family cost the US taxpayers $1400 million a year. A simple computer could do his job much better. What's taking so long to replace him?
You really have to like job insecurity to work for a bank.
Any one but management!
"Our other top story: Funeral parlors report an unprecidented rise in profits. Video tonight at ten."
The executive suite is going to collect PHAT bonuses this year for cutting costs and improving profitability!
Great work guys! Finally doing to your own company what you've been doing to 0merika for years!
"Awesome," I think is Barry's favorite word.
... or is it, "Legacy?"
Turn the offices into free range chicken ranches and make LSD legal.
33,000 down, millions to go.
Just jump fuckers!
Trying to clean up before all the Spanish sovereign Bonds get trashed.
Catalonia won't behave so they will have to send in the Army (Franco never really went away).This mini invasion by a NATO member will be difficult to spin.The UN charter goes on about self-determination and so on.
The French have Italian debt,the Italians have Spanish debt,The Spanish have Portugals debt,and the whole thing is held together with the Germans backstopping the lot.
Let me try this on for size: a huge loan to Europe around 2001,with much of this ending up in the Spanish construction boom (and Ireland too).This created a monster sized real estate bubble in Spain,residential and offices.The bubble burst and now they are in the clean up/foreclosure side of things.
The same thing is happening to all Central banks around the world.
They must raise rates to cut off the fuel to the credit boom.
If they raise rates then the foreclosure/default rate is gonna skyrocket.
Depository Banks have to be separated from the gambler hedgefund types (high risk/high yield.
There will be no improvement until they increase public confidence in the system by jailing several thousand bank executives (fall guys for the real suspects).
You might add this:
"Let me try this on for size: a huge loan to Europe around 2001 with Goldman papering over Greek debt thanks to currency swaps pulled out of Henry Paulson's ass"
Shit why don't they just hire the 10,000 Syrians at half the price.
Because they can only work with one hand.
So hire 20,000 at a quarter the price.
I wouldn't be surprised if this commodity price implosion in the form of derivative contracts was partly responsible.Someone lost their ass in a big way: China shares,oil price collapse,commodities collapse.
Age old response: "I will win it all back on the next hand".
They will be competing with 2,000,000 refugees for any re-employment.
Nothing to worry about - it's just SkyNet eliminating those few remaining humans who know how to pull the plug.
UniCredit SpA.,UniCredit SpA.*,,,,,
Ticker,UCG IM Equity,,,,,
Includes Loans to:,"Bayerische Hypo-und Vereinsbank AG, UniCredit SpA. and UniCredit SpA./New York NY",,,,,
Identified in Fed Documents as:,"BAYERISCHE HYPO VEREINS NY BR, Unicredit and UNICREDIT NY BR",,,,,
Capital Raised From Home Governments,,,,,,
Programs,"TAF, CPFF, TAF",,,,,
Country,Italy,,,,,
Industry,Banking,,,,,
"Average Daily Balance
From 8/1/2007 to 4/30/2010","$4,012.30 ",,,,,
Peak Amount of Debt,"$11,835.00 ",,,,,
Peak Date,5/7/2009,,,,,
Number of Days In Debt to the Fed,742,Market Cap,Percent of Market Cap,TAF,CPFF,TAF
-
Deutsche Bank AG,Deutsche Bank AG*,,,,,,,,
Ticker,DBK GR Equity,,,,,,,,
Includes Loans to:,"Deutsche Bank Securities Inc., Deutsche Bank Securities Inc., Deutsche Bank Securities Inc., Deutsche Bank AG/New York NY, Deutsche Bank AG/New York NY and Deutsche Bank Trust Co. Americas",,,,,,,,
Identified in Fed Documents as:,"Deutsche Bank Securities Inc., Deutsche Bank Securities Inc., Deutsche Bank Securities Inc., DEUTSCHE BK AG NY BR, DEUTSCHE BK AG NY BR and DEUTSCHE BK TC AMERICAS",,,,,,,,
Capital Raised From Home Governments,$0.00 ,,,,,,,,
Programs,"PDCF, TSLF, ST OMO, TAF, DW, DW",,,,,,,,
Country,Germany,,,,,,,,
Industry,Banking,,,,,,,,
"Average Daily Balance
From 8/1/2007 to 4/30/2010","$12,486.68 ",,,,,,,,
Peak Amount of Debt,"$66,011.00 ",,,,,,,,
Peak Date,11/6/2008,,,,,,,,
Number of Days In Debt to the Fed,439,Market Cap,Percent of Market Cap,TAF,ST OMO,TSLF,PDCF,DW,DW
-
Barclays Plc,Barclays Plc*,,,,,,,,,,
Ticker,BARC LN Equity,,,,,,,,,,
Includes Loans to:,"Barclays Bank Delaware, Barclays Bank PLC/NY, Barclays Bank PLC/NY, Barclays Capital Inc./Old, Barclays Capital Inc./Old, Barclays Capital Inc./Old, Barclays PLC and Barclays Bank PLC/NY",,,,,,,,,,
Identified in Fed Documents as:,"BARCLAYS BK DE, BARCLAYS BK PLC NY BR, BARCLAYS BK PLC PARK AVE BR, Barclays Capital Inc., Barclays Capital Inc., Barclays Capital Inc., Barclays PLC and BARCLAYS BK PLC NY BR",,,,,,,,,,
Capital Raised From Home Governments,$0.00 ,,,,,,,,,,
Programs,"TAF, TAF, TAF, PDCF, TSLF, ST OMO, CPFF, DW",,,,,,,,,,
Country,Britain,,,,,,,,,,
Industry,Banking,,,,,,,,,,
"Average Daily Balance
From 8/1/2007 to 4/30/2010","$19,105.23 ",,,,,,,,,,
Peak Amount of Debt,"$64,890.20 ",,,,,,,,,,
Peak Date,12/4/2008,,,,,,,,,,
Number of Days In Debt to the Fed,724,Market Cap,Percent of Market Cap,CPFF,ST OMO,TSLF,PDCF,TAF,TAF,TAF,DW
-
Bank of America Corp.,Bank of America Corp.*,,,,,,,,,,
Ticker,BAC US Equity,,,,,,,,,,
Includes Loans to:,"Banc of America Securities LLC, Banc of America Securities LLC, Banc of America Securities LLC, Banc of America Securities LLC, Bank of America NA, Bank of America Corp., FIA Card Services NA and Bank of America NA",,,,,,,,,,
Identified in Fed Documents as:,"BANC OF AMER SCTY, Banc of America Securities LLC, Banc of America Securities LLC, Banc of America Securities LLC, BANK OF AMER NA, Bank of America, FIA CARD SVC NA and BANK OF AMER NA",,,,,,,,,,
Capital Raised From Home Governments,"$45,000.00",,,,,,,,,,
Programs,"AMLF, PDCF, TSLF, ST OMO, TAF, CPFF, TAF, DW",,,,,,,,,,
Country,United States,,,,,,,,,,
Industry,Banking,,,,,,,,,,
"Average Daily Balance
From 8/1/2007 to 4/30/2010","$20,712.39 ",,,,,,,,,,
Peak Amount of Debt,"$91,400.00 ",,,,,,,,,,
Peak Date,2/26/2009,,,,,,,,,,
Number of Days In Debt to the Fed,519,Market Cap,Percent of Market Cap,TAF,CPFF,TAF,ST OMO,TSLF,PDCF,AMLF,DW
-
Citigroup Inc.,Citigroup Inc.*,,,,,,,,,,,,
Ticker,C US Equity,,,,,,,,,,,,
Includes Loans to:,"Citibank NA, Citibank NA, Citibank South Dakota NA, Citigroup Inc., Citigroup Inc., Citigroup Global Markets Inc., Citigroup Global Markets Inc., Citigroup Global Markets Inc. and Citibank NA",,,,,,,,,,,,
Identified in Fed Documents as:,"CITIBANK, CITIBANK NA, CITIBANK SD NA, Citigroup, CITIGROUP BROKER DEALER, Citigroup Global Markets Inc., Citigroup Global Markets Inc., Citigroup Global Markets Inc., Citigroup Global Markets Inc.-London and CITIBANK NA",,,,,,,,,,,,
Capital Raised From Home Governments,"$45,000.00 ",,,,,,,,,,,,
Programs,"AMLF, TAF, TAF, CPFF, AMLF, PDCF, TSLF, ST OMO, PDCF, DW",,,,,,,,,,,,
Country,United States,,,,,,,,,,,,
Industry,Banking,,,,,,,,,,,,
"Average Daily Balance
From 8/1/2007 to 4/30/2010","$19,739.16 ",,,,,,,,,,,,
Peak Amount of Debt,"$99,451.09 ",,,,,,,,,,,,
Peak Date,1/20/2009,,,,,,,,,,,,
Number of Days In Debt to the Fed,692,Market Cap,Percent of Market Cap,PDCF,ST OMO,TSLF,PDCF,AMLF,CPFF,TAF,TAF,AMLF,DW
-
- Peak Unicredit FED Loans $11 Billion
- Peak Deutsche Bank FED Loans $66 Billion
- Peak Barclays FED Loans $65 Billion
- Peak Bank of America FED Loans $91 Billion
- Peak Citigroup FED Loans $99 Billion for 692 Days!!
FED is not the one on the Hook. FED won't even meet with you OR Talk to you.
US Congress has the Power, they just aren't properly Motivated to tell the TED what to do and to address the Dozens of problems with the US Economy and the way the Bankers are running things.
- As David Stockman points out, there needs to massive reorganizations in private industry to cut the fat and massive compensation that is now systemic. The FED & US Govt also need to cut the fat and reorganize.
- Unfortunately there has to be a lot of pain first and Albert might be the first to really feel it.
These Bozos are dumber than tick shit.
Reorganizations, there will be blood.