Deutsche Bank on Thursday said it plans to slash 3,500 jobs after reporting a 30% drop in fourth-quarter profit that included heavy losses in its US real estate holdings.
The layoffs come after the German banking giant hired 300 front-office staffers in the three-month period ended Dec. 31, though the firm’s CEO Christian Sewing said the headcount reduction will primarily impact back-office roles, and are part of a larger turnaround effort, according to The Wall Street Journal.
Let me stress that cost discipline continues to be our top priority, Sewing told reporters, per The Journal, adding that the bank would take more cost-saving measures if need be.
The bank had already announced plans to cut jobs, but this was the first time it had put a number on the layoffs, equivalent to just under 4% of its global workforce of about 90,000. The jobs affected will be back office roles.
Sewing also announced a share buyback plan and to pay dividends will total $1.7 billion during the first half of the year.
Though its fourth-quarter net profits plunged 30% from the year-ago period, the $1.4 billion that was generated easily beat the $853.45 million analysts expected.
Deutsche said it took $133 million hit for its US-based portfolio, which includes its headquarters on Wall Street, as well as locations in California, Florida and Texas, according to a presentation to investors released alongside earnings obtained by Bloomberg,
The provisions mark a more than 350% increase from the roughly $28.2 million it allotted for losses regarding its portfolio in 2022’s fourth quarter, Bloomberg reported.
Deutsche’s US offices represent about 1.5% of its total lending book, according to the outlet.
The bank, based in Frankfurt, Germany, also said refinancing its real estate loans was the “main risk.”
There’s also the possibility that debts will come due on properties that have fallen in value, requiring borrowers to inject fresh equity to secure new loans, the bank said.
Representatives for Deutsche Bank did not immediately respond to The Post’s request for comment.
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Deutsche isn’t the only firm that faces debts on its real estate: Last month, Bloomberg revealed that asset manager Blackstone defaulted on its $308 million mortgage on a Manhattan office tower more than a year ago and the debt is now up for sale at a discount of more than 50%, citing people familiar with the matter.
Given the discounted loan, sources told the outlet that the building — located at 1740 Broadway — could be eligible for an office-to-residential conversion.
The skyscraper has been losing value since 2014, when the mortgage was originated and the 26-story Art Deco-style tower was appraised at $605 million, according to loan documents reviewed by Bloomberg.
The tower is just one of many empty office buildings scattered across New York City, which is in a so-called urban doom loop caused by an influx of working from home during the pandemic a trend that has stuck despite return-to-office mandates.
The doom loop concept is defined by empty office towers, which destroy quality of life and eventually drive residents out.
In the Big Apple, occupancy has only bounced back to 48.4% since the pandemic.
At the start of 2020, however, office occupancy was a strong 90% before it plummeted to 10% upon the outbreak of COVID-19.
Huw Edwards has been given a six-month jail sentence suspended for two years for accessing indecent images of children as young as seven.
The former BBC presenter had pleaded guilty to three counts of “making” indecent images of children.
Westminster Magistrates’ Court in London heard how Edwards paid up to £1,500 to a paedophile who sent him 41 illegal images between December 2020 and August 2021, seven of which were of the most serious type.
Of those images, the estimated age of most of the children was between 13 and 15, but one was aged between seven and nine.
Prosecutor Ian Hope told the court Edwards had been assessed as posing a “medium risk of causing serious harm to children”.
Sentencing him, chief magistrate Paul Goldspring told Edwards his “reputation is now in tatters”.
The disgraced broadcaster was sent the illegal images by convicted paedophile Alex Williams over WhatsApp.
Williams was charged in relation to his WhatsApp chat with Edwards and was convicted of seven offences following an investigation by South Wales Police – receiving a 12-month suspended sentence.
The final indecent image was sent in August 2021, a category A film featuring a young boy, with Williams telling Edwards the child was “quite young looking” and that he had more images which were illegal.
The relevant images range from the most serious category, known as category A, to the least serious, known as category C.
They include seven category A images, 12 category B images, and 22 category C images.
During his four decades at the BBC, Edwards was among the broadcasting teams covering historic events including the late Queen’s funeral in 2022 and the coronation of the King in May 2023.
Edwards also announced the late Queen’s death on the BBC in September 2022.
Last week, BBC chairman Samir Shah admitted the 63-year-old had “damaged” the reputation of the corporation.
The BBC is attempting to recover an estimated £200,000 in pay fromEdwards, who continued to be paid a salary for around five months after the corporation discovered he had been arrested in November 2023.
Edwards resigned from the BBC in April citing medical advice.
According to the Crown Prosecution Service, “making” an indecent image has been broadly interpreted by the courts.
It can range from opening an attachment to an email containing an image, to accessing pornographic websites in which indecent photographs of children appear by way of an automatic “pop-up” mechanism.
In the case of Edwards, he received the illegal images as part of a WhatsApp conversation.
Edwards’ barrister Philip Evans KC said his client had not “created” the images “in the traditional sense of the word”.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
Huw Edwards has been given a six-month jail sentence suspended for two years for accessing indecent images of children as young as seven.
The former BBC presenter had pleaded guilty to three counts of “making” indecent images of children.
Westminster Magistrates’ Court in London heard how Edwards paid up to £1,500 to a paedophile who sent him 41 illegal images between December 2020 and August 2021, seven of which were of the most serious type.
Of those images, the estimated age of most of the children was between 13 and 15, but one was aged between seven and nine.
Prosecutor Ian Hope told the court Edwards had been assessed as posing a “medium risk of causing serious harm to children”.
Sentencing him, chief magistrate Paul Goldspring told Edwards his “reputation is now in tatters”.
The disgraced broadcaster was sent the illegal images by convicted paedophile Alex Williams over WhatsApp.
Williams was charged in relation to his WhatsApp chat with Edwards and was convicted of seven offences following an investigation by South Wales Police – receiving a 12-month suspended sentence.
The final indecent image was sent in August 2021, a category A film featuring a young boy, with Williams telling Edwards the child was “quite young looking” and that he had more images which were illegal.
The relevant images range from the most serious category, known as category A, to the least serious, known as category C.
They include seven category A images, 12 category B images, and 22 category C images.
During his four decades at the BBC, Edwards was among the broadcasting teams covering historic events including the late Queen’s funeral in 2022 and the coronation of the King in May 2023.
Edwards also announced the late Queen’s death on the BBC in September 2022.
Last week, BBC chairman Samir Shah admitted the 63-year-old had “damaged” the reputation of the corporation.
The BBC is attempting to recover an estimated £200,000 in pay fromEdwards, who continued to be paid a salary for around five months after the corporation discovered he had been arrested in November 2023.
Edwards resigned from the BBC in April citing medical advice.
According to the Crown Prosecution Service, “making” an indecent image has been broadly interpreted by the courts.
It can range from opening an attachment to an email containing an image, to accessing pornographic websites in which indecent photographs of children appear by way of an automatic “pop-up” mechanism.
In the case of Edwards, he received the illegal images as part of a WhatsApp conversation.
Edwards’ barrister Philip Evans KC said his client had not “created” the images “in the traditional sense of the word”.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
Kristen Shilton is a national NHL reporter for ESPN.
The NHL offseason was too long for most players, but many filled the void with travel, weddings and a few rounds of golf.
We learned that and more catching up with league stars at the NHL Player Media Tour near Las Vegas last week. It’s one event a year where every topic is on the table, from summer plans to equipment quirks to road cities they circle on the calendar each year. (Hint: dinner reservations play a massive role.)
Let’s dive into some of the fun before the real games begin in October.
Macklin Celebrini, San Jose Sharks: I went to my first football game. I had never been to one and I went to the University of Michigan at the Big House to see them play …. That was pretty cool.
John Carlson, Washington Capitals: I went and played golf in Ireland. It was a boys’ trip; my brother came. We played a bunch of great courses.
Bo Horvat, New York Islanders: We did a couple weddings over in Italy, which was where my wife and I went on our honeymoon. But I hadn’t been back in like five years, so it’s good to be there again. We went to Puglia and Venice and Rome.
Brandon Carlo, Boston Bruins: We went to [David Pastrnak‘s] wedding in Croatia. That was really cool. I’ve never been to Croatia, so I loved it there. It was beautiful. Food was fantastic. And then the water there? I loved it. It was really salty, so it kind of held you up. I’m not used to being able to, like, float in water very often, so I was in the water most of the day.
Jaccob Slavin, Carolina Hurricanes: We had a vacation to Mexico with my whole family. So, we had 20 people, and seven of them were under the age of 5. My mom and dad were pumped, because they had all their grandkids together. It was really fun.
Filip Forsberg, Nashville Predators: We had a baby in May, so it’s just been a lot of daddy time. It’s just been great. Somebody told me having a kid lets you reexperience everything through their eyes. And it’s been cool, because it’s him, like, figuring out his fingers, and how they work. The simplest things, and it’s the best.
Nick Suzuki, Montreal Canadiens: We were in Europe for three weeks. Went to three weddings, actually: two in Italy and then one in Ireland. Saw my teammate Josh Anderson get married in Puglia. It was very cool.
Robert Thomas, St. Louis Blues: I went on a golf trip to the south of Ireland. I was able to bring my dad and a couple other buddies and their dads, so it was great.
Quinton Byfield, Los Angeles Kings: I went to Nashville for one of my old teammate’s bachelor party. Played some golf, went to a Zach Bryan concert. It was great.
Roope Hintz, Dallas Stars: Best thing is I got married. For my [black and white] suit, I just wanted to do something different. Somehow, I pulled that off. [My wife] liked it. The deal was I got to choose my own suit, but she liked it. And most of the guys liked it too, so that was good.
Owen Tippett, Philadelphia Flyers: I had five weddings and two bachelor parties. The highlight was being the officiant at my sister’s wedding. Right from the start we knew it was going to be super quick and easy and obviously I’m not a fan of public speaking, but when she asked me, I couldn’t really say no.
Wyatt Johnston, Dallas Stars: Went out to Inverness, Cape Breton, in Nova Scotia, for a golf trip with some friends. That was my little vacation, and it was awesome; we had a ton of fun.
What’s the best road city to visit?
Celebrini: Probably going back to Boston. That’s where all my [old] teammates are and my brother is. So either Boston or Vancouver, my hometown.
Carlson: Montreal. Great food. Feels a little bit different than the other cities, and the arena, with the history and the team, it’s a pretty special place to play.
Victor Hedman, Tampa Bay Lightning: Montreal. So many good memories there, and it always feels like I play good games there. Great food, too. Kind of reminds you of Europe a little bit, the way it’s laid out. And that’s where hockey was born. So Montreal is pretty cool.
Horvat: We’re in one — Vegas is always great. When I was playing on the West Coast [for Vancouver] I always loved going to New York, but now that feels like home. So I’d go with Vegas or Nashville.
Carlo: My favorites are probably when we get to go to the West Coast and do like L.A. and Anaheim. Especially when you’re in the middle of the winter, to go get some sunshine and hang out by the beach for a day, that’s nice.
Jack Hughes, New Jersey Devils: I’ll go with Chicago. I really enjoy it. Haven’t really played against Connor Bedard yet, though. I missed our game there this year [with an injury] and he broke his jaw [in the first period] against us, so that’s too bad.
Slavin: New York. They’ve got a lot of good food there. Favorite arenas to play in though are Vegas or Dallas.
Forsberg: Vegas. The Strip is cool. I’ve had some good games out here. And my wife has some family in the area too.
Suzuki: Nashville. I love country music and you can hang out there on the patios [listening].
Thomas: I’d say New York. I love food, I love trying new restaurants, and they’ve got the best restaurants in the world.
Keller: New York. I just like playing at MSG, and seeing all the teams out there, staying in the city. I’ve got some college buddies who live in town, some family, friends, things like that. So it’s always fun to go now.
Byfield: I’ve never had a bad time in New York. There’s a ton of good restaurants, good people and the building is awesome to play in. It’s so iconic, and the fans are great there too.
Radko Gudas, Anaheim Ducks: Vegas and Montreal. There’s always something to explore. Always something new. There are the places that I always go to, like Schwartz’s Deli for smoked meat in Montreal.
Connor Bedard, Chicago Blackhawks: Boston. With the history and everything, you walk around and it feels like you’re always seeing something cool.
Tippett: Dallas. The weather, the food; there’s always stuff to do there. You can golf if there’s a day off.
Johnston: Toronto, just because it’s home. Or Fort Lauderdale. You’re at the beach for a day. It’s awesome. It’s a nice little break from hockey.
What’s your favorite cheat meal?
Celebrini: My mom’s lasagna. She makes a really good lasagna.
Dahlin: Ice cream. Anything chocolate, cookie [flavor] or vanilla.
Horvat: Burger and fries, every time.
Slavin: Oh, a lot of them. I’m a huge sweets guy, so I love desserts like cookies and milk, molten lava cakes. But then for the meal itself, I could go for a good Five Guys burger.
Pinto: Chick-fil-A, easily. A spicy chicken sandwich, with a 12-count nuggets. And maybe a milkshake, depending if I skated that day.
Tippett: Cheesesteak, always.
Johnston: Classic cheeseburger and fries. Because you can’t go wrong with that.
Do you have any unique equipment quirks?
Celebrini: I don’t tape the toe or the full heel of my stick, which a lot of guys don’t really like. But I don’t know, it’s kind of worked for me. I’ve done it for a while now. I don’t know why I started doing it that way, but it’s been good.
Dahlin: I keep it very simple. Just tape my stick with a spiral up top and use black tape.
Slavin: I’m very habitual just in how I get dressed. I feel like I always put on my right side [gear] before my left side. So right shin pad before left shin pad, right skate before left skate. But if I were to do it the other way, I wouldn’t feel like I was going to play a bad game.
Forsberg: I don’t have anything too quirky. But as far as advancements [I’d like to see], it’d be cool to have a stick where you could switch curves, and be a lefty or a righty.
Keller: Well, I did have a thing with my elbow pads. I just recently stopped using those, but I had been using the same ones since I was 14 years old. Finally got a new pair of those.
How excited are you about the 4 Nations Face-Off?
Dahlin: It’s going to be fun. The team hasn’t been set, obviously, but if I make it, it’s for sure very up there for my bucket list. To be able to play with the best against the best, it’s something special.
Carlson: It’s great for hockey. Obviously, I want to and would love to play in it; representing your country is cool. It’s a different animal than what we’re used to. And it’s fun to play against some of your teammates, play with some of your opponents. It’ll be awesome.
Hedman: It’s going to be an unreal experience. Best-on-best hockey has been a long time coming [again]. It’s a little bit of a different format with only four teams, but nonetheless, every time you put on that three-crown jersey [for Sweden], you’re wearing it with pride. There’s going to be some good games and good hockey for sure.
Hughes: It’s definitely something you want to be a part of, for sure, with the [2026] Olympics coming up too. It’s a great honor to put the USA jersey back on.
Bedard: It’s great for the game of hockey. Great for everyone to see the best players in each [of those] countries going against each other. I think people are going to love watching it.
Keller: I think it’s super exciting. Anytime you can have that chance to represent your country, it’s the best feeling in the world. And hopefully I’m a part of that team. I’m looking forward to starting this season and seeing what happens.
Byfield: It’ll be super special. I played for Team Canada previously and have talked about that jersey’s honor. I have so many good memories of just watching Team Canada play in the Olympics. Seeing Sid [Crosby] score that famous goal [at the 2010 Games], that’s one of my favorite memories. So tournaments [like this] are always special.
Hintz: It’s going to be pretty special. I want to make the team to be there and represent our country well.
Who is the NHL’s most underrated player?
Dahlin: I feel like [Gustav] Forsling doesn’t get enough recognition.
Carlson: I want to say [Aleksander] Barkov. He still feels underrated somehow.
Horvat: Have to go with Brock Nelson. He’s a sneaky 30-plus goal scorer every single year and does a lot of really good stuff people don’t talk about.
Slavin: Forsling. I think he’s starting to get more attention after his playoffs that he had last year. There’s a lot more recognition, and he deserves it.
Byfield: Robert Thomas. He’s an exceptional player. The way that he can turn on a dime, find players. He’s one of the best passers I’ve ever seen. The things he can do on the ice are just pretty impressive.
Forsberg:Ryan O’Reilly. I knew how good he was, but seeing it every day [as a teammate], I think he’s still underrated. Like he has a Conn Smythe Trophy and everything, but I think all the stuff that he does, you need to see in person to really, really appreciate it.
Thomas: I’d say Pavel Buchnevich. He really is one of [St. Louis’] best players; he can change games for us, and even though his English is a little broken, he’s one of the funnier guys you’ll find.
What was your favorite memory of the Summer Olympics?
Dahlin: I don’t know what you call it in English, but you put a big stick in the ground and jump over it? [Pole vault?] Yes, pole vault. Because [Swedish vaulter] Mondo Duplantis is the best one and wins every year so it’s cool to watch him do his thing.
Hedman: I didn’t watch a whole lot, to be honest. I don’t watch TV in the summertime. But I did watch Mondo Duplantis and that was just goosebumps.
Horvat: Oh yeah, I watched a couple things. The viral breakdancer [Rachael Gunn] definitely stood out. But other than that, I just love watching the sprinting, the track guys and stuff like that. I think it’s really cool what they can do.
Slavin: I thought the speed climbing was crazy. That was insane. I was sitting there watching with my wife, and she was like, ‘Is that rope pulling them up the wall?’ Because it kind of looks like it. Just so crazy and fun to see. And the track and field; I find the sprints fun to watch.
Keller: I’m a basketball guy, so I liked seeing all those [Team USA] superstars and legends play together and win the gold medal. That was pretty special for me to watch.
Byfield: Yeah, I tried to watch as much I could. Always like to see the Canadians win. Saw the Canadian swimmers all being successful, a lot of gold medals for us [all around]. It was great to watch.
Leon Draisaitl, Edmonton Oilers: I did go [to Paris]. My sister’s husband played in the gold medal game for field hockey so I went to that. It was great match. [Germany] unfortunately lost [to the Netherlands], but still a silver medal for him, which is pretty cool.
What are your thoughts on Utah?
Hedman: I’m just looking for a good visitors’ locker room. That’s the bottom line. But no, that’s going to be cool, I’ve never been to Salt Lake. It looks beautiful in pictures. I’ve been talking to [ex-teammate] Mikhail Sergachev and he’s super excited being out there so I’m happy for him too.
Pinto: I’m actually pretty excited for it. Their jerseys are obviously really cool. And I think it’ll be better than the whole Arizona situation was last year.
Thomas: Really exciting. Just looking at how much fun it was to go play in Vegas and Seattle, it’ll be really nice to have another hungry hockey town that’s ready to welcome the NHL. It’ll be a lot of fun.
Why are hockey players drawn to golf?
Thomas: You’re away from your friends and family a lot during the season, so it’s a good way to connect with them. I think the hand-eye coordination is pretty similar, so a lot of us are pretty solid at golf. It’s just a good way to relax. And it’s always a hard sport that you can’t seem to always get good at. So I think we like the challenge.
Byfield: I played so much golf this summer, and it’s just because I work out so early in the morning. It’s like you’re doing that at 6 a.m. and then I’m done everything by 10. It’s almost a time consumer at that point. But it’s also just so fun, because it’s so hard. You can be great one day, and the next day, you’ve just lost it. So it’s very challenging and I like the challenge.
Draisaitl: I think there are some similarities between the sports. And then the contrast of the go, go, go type of way that we have in our everyday work when it comes to our sport, with the more relaxed way golf can be. It evens out a little bit. I think guys like that aspect.
Brock Faber, Minnesota Wild: In the offseason a lot of training is done semi-early in the day, at least Monday through Friday, so you’re done at a reasonable time. You have all day to do something, and golf or pickleball or tennis — those activities attract a lot of hockey players [to fill that time].
Johnston: It’s somewhat similar to hockey in terms of you’re holding a stick, trying to hit a puck or a ball. And it just lines up, seasons-wise. You’re done [with] hockey by the spring, and that’s the start of the golf season, and then you’re going back to hockey in the fall when golf is ending around the colder climates. And I think it’s just great to get outside. I think everyone enjoys that part of it and guys love being able to do it with their friends, too.