Deutsche Bank scraps profit target - - to cut 500 jobs; France and Belgium provide guarantees to Belgian bank Dexia
Oct 4th, 2011 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Deutsche Bank today announced that it had scrapped its profit forecast and announced 500 job cuts and further writedowns of Greek bond holdings amid a “significant and unabated slowdown in client activity” due to Europe's sovereign debt crisis. Meanwhile, France and Belgium today announced sovereign guarantees of deposits and debt of the embattled Dexia Bank, which is majority owned by the two countries and Luxembourg, following a bailout in 2008.