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Deutsche Bank to axe 18,000 jobs and exit stock trading: Morning Brief

Monday, July 8, 2019

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WHAT TO WATCH

Stocks are flirting with record highs, but the events this week could determine the direction for the market ahead.

Friday’s much stronger-than-expected June jobs report dampened hopes for a July rate cut by the Federal Reserve. Thus, investors will be paying close attention later this week when Fed Chair Jerome Powell heads to Capitol Hill to testify before Congress for his semi-annual Monetary Policy Report. The two-day testimony kicks off Wednesday. Meanwhile, the Fed will also be releasing its June meeting minutes on Wednesday.

While corporate earnings reports remain light this week, PepsiCo (PEP) will be the first major company to release its second-quarter financial results on Tuesday.

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TOP NEWS

BARCELONA, SPAIN - 2019/06/20: Pedestrians pass by the German investment bank and financial services Deutsche Bank branch in Spain. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

Deutsche Bank to axe 18,000 jobs and exit stock trading: Deutsche Bank (DBK.DE) is cutting 18,000 jobs over the next three years and will eventually exit the all businesses related to the buying and selling of equities. The German lending giant’s CEO Christian Sewing said in a statement late on Sunday that the move is part of the “most fundamental transformation of Deutsche Bank in decades.” [Yahoo Finance UK]

Turkish lira sinks as Erdogan sacks central bank chief: The Turkish lira against the US dollar (TRY/USD) slipped in early Monday trading after Turkish President Recep Tayyip Erdogan sacked the governor of the central bank and replaced him with his deputy. TRY/USD fell by over 1.5% after no official reason was given for firing Murat Cetinkaya. [Yahoo Finance UK]

WeWork looking to raise up to $4B in debt ahead of IPO: Shared office space manager WeWork Cos is looking to raise $3 billion to $4 billion in debt before it goes public, a person familiar with the matter said on Sunday, a move aimed to fuel investor confidence in the company. [Reuters]

British Airways faces $229.7M fine for theft of customer data: The International Airlines Group (IAG) revealed today that the company it owns, British Airways (BA), faces a £183.4m ($229.7m) fine after the Information Commissioner's Office (ICO) intended to impose a penalty for the theft of customer data. [Yahoo Finance UK]

Starbucks moves quickly to apologize after barista incident: Starbucks (SBUX) is moving quickly to address the fresh hot water it finds itself in, this time with supporters of law enforcement across social media. The coffee giant came under fire on July 4 weekend for how a barista at a store in Tempe, Arizona reportedly treated six police officers that visited the location. Perhaps learning a bit from how it handled an April 2018 incident where a barista called the police on two black men at a Philadelphia store, Starbucks was fast to issue an apology. [Yahoo Finance]

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