NEW YORK (TheStreet) --
Deutsche Bank (DB) is to cut 9,000 jobs and exit 10 countries in a deep overhaul of its business,
the Financial Times writes. The German lender also plans to cut the number of consultants advising it by 6,000 and will shed another 15,000 staff with the sale of its Postbank subsidiary. A
Wall Street Journal report put the total number of job cuts at 35,000. Deutsche Bank posted a loss of 6 billion euros ($6.54 billion) in the third quarter, less than the 6.2 billion euros it had flagged earlier but still much higher than the 92 million euros loss in the same period last year.
- Barclays Bank (BCS) lowered its targets for return on equity and raised its cost-cutting target for next year, as its profit fell in the third quarter. Return on equity was cut to 11% from 12%, while cost-cutting plans increased to 14.9 billion pounds ($22.8 billion) from 14.5 billion pounds planned for 2016.
- Royal Dutch Shell (RDS.A, RDS.B) saw its profits tumble and took a total hit of $8 billion from its decision to give up its Canadian sands operations, pull out of Alaska and write down U.S. shale assets.
- Chinese Prime Minister Li Keqiang said the country needs growth of 6.53% over the next five years to be a "moderately prosperous" economy, lower than the current target of 7%, which prompted talk that the growth target could be cut.
- Electronics giant Samsung (SSNLF) unveiled a share buyback worth $9.9 billion after reporting its first on-year profit growth in two years due to strong component sales. The company also plans to give shareholders 30% to 50% of its free cash flow over the next three years, primarily through dividends.