After two decades as one of Wall Street’s major players in bonds and other investments, Germany’s largest bank is laying off 18,000 employees, primarily in New York and London, and retreating to its core banking functions. Sunday’s move is aimed at reversing years of disappointing performance while its rivals prospered.
Is the bank alone in its troubles? Beset by low interest rates and a Brexit-clouded future, other European banks are struggling with similar weaknesses that date back to the 2008 financial crisis — something regulators forced U.S. banks to deal with more quickly.
Check out OZY’s look at cities vying to replace London as Europe’s financial hub.