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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.

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Politics

Just 25% of public think Sir Keir Starmer will win next election – with welfare row partly to blame

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Just 25% of public think Sir Keir Starmer will win next election - with welfare row partly to blame

Only a quarter of British adults think Sir Keir Starmer will win the next general election, as the party’s climbdown over welfare cuts affects its standing with the public.

A fresh poll by Ipsos, shared with Sky News, also found 63% do not feel confident the government is running the country competently, similar to levels scored by previous Conservative administrations under Boris Johnson and Rishi Sunak in July 2022 and February 2023, respectively.

Politics latest: ‘A moment of intense peril’ for PM

The survey of 1,080 adults aged 18-75 across Great Britain was conducted online between 27 and 30 June 2025, when Labour began making the first of its concessions, suggesting the party’s turmoil over its own benefits overhaul is partly to blame.

The prime minister was forced into an embarrassing climbdown on Tuesday night over his plans to slash welfare spending, after it became apparent he was in danger of losing the vote owing to a rebellion among his own MPs.

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Govt makes last-minute concession on welfare bill

The bill that was put to MPs for a vote was so watered down that the most controversial element – to tighten the eligibility criteria for personal independence payments (PIP) – was put on hold, pending a review into the assessment process by minister Stephen Timms that is due to report back in the autumn.

The government was forced into a U-turn after Labour MPs signalled publicly and privately that the previous concession made at the weekend to protect existing claimants from the new rules would not be enough.

More on Benefits

While the bill passed its first parliamentary hurdle last night, with a majority of 75, 49 Labour MPs still voted against it – the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s Lone Parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

It left MPs to vote on only one element of the original plan – the cut to Universal Credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

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Govt makes last-minute concession on welfare bill

An amendment brought by Labour MP Rachael Maskell, which aimed to prevent the bill progressing to the next stage, was defeated but 44 Labour MPs voted for it.

The incident has raised questions about Sir Keir’s authority just a year after the general election delivered him the first Labour landslide victory in decades.

Read more:
How did your MP vote on Labour’s welfare bill?
The PM faced down his party on welfare and lost

And on Wednesday, Downing Street insisted Rachel Reeves, the chancellor, was “not going anywhere” after her tearful appearance in the House of Commons during prime minister’s questions sparked speculation about her political future.

The Ipsos poll also found that two-thirds of British adults are not confident Labour has the right plans to change the way the benefits system works in the UK, including nearly half of 2024 Labour voters.

Keiran Pedley, director of UK Politics at Ipsos, said: “Labour rows over welfare reform haven’t just harmed the public’s view on whether they can make the right changes in that policy area, they are raising wider questions about their ability to govern too.

“The public is starting to doubt Labour’s ability to govern competently and seriously at the same levels they did with Boris Johnson and Rishi Sunak’s governments. Labour will hope that this government doesn’t end up going the same way.”

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Politics

Emotional Reeves a painful watch – and a reminder of tough decisions ahead

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Emotional Reeves a painful watch - and a reminder of tough decisions ahead

It is hard to think of a PMQs like it – it was a painful watch.

The prime minister battled on, his tone assured, even if his actual words were not always convincing.

But it was the chancellor next to him that attracted the most attention.

Rachel Reeves looked visibly upset.

Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA
Image:
Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA

It is hard to know for sure right now what was going on behind the scenes, the reasons – predictable or otherwise – why she appeared to be emotional, but it was noticeable and it was difficult to watch.

Reeves looks visibly upset as Starmer defends welfare U-turn – politics latest

Her spokesperson says it was a personal matter that they will not be getting into.

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Even Kemi Badenoch, not usually the most nimble PMQs performer, singled her out. “She looks absolutely miserable,” she said.

Anyone wondering if Kemi Badenoch can kick a dog when it’s down has their answer today.

The Tory leader asked the PM if he could guarantee his chancellor’s future: he could not. “She has delivered, and we are grateful for it,” Sir Keir said, almost sounding like he was speaking in the past tense.

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Image:
Rachel Reeves looked visibly upset behind Keir Starmer at PMQs. Pic PA

It is important to say: Rachel Reeves’s face during one PMQs session is not enough to tell us everything, or even anything, we need to know.

But given the government has just faced its most bruising week yet, it was hard not to speculate. The prime minister’s spokesperson has said since PMQs that the chancellor has not offered her resignation and is not going anywhere.

But Rachel Reeves has surely seen an omen of the impossible decisions ahead.

How will she plug the estimated £5.5bn hole left by the welfare climbdown in the nation’s finances? Will she need to tweak her iron clad fiscal rules? Will she come back for more tax rises? What message does all of this send to the markets?

If a picture tells us a thousand words, Rachel Reeves’s face will surely be blazoned on the front pages tomorrow as a warning that no U-turn goes unpunished.

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Science

Newly Detected Seaborgium-257 Offers Critical Data on Fission and Quantum Shell Effects

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Newly Detected Seaborgium-257 Offers Critical Data on Fission and Quantum Shell Effects

German Scientists at GSI Helmholtzzentrum für Schwerionenforschung found a new superheavy isotope, 257Sg, named Seaborgium, which reveals unexpected details about the stability and nuclear fission. This study was published in Physical Review Letters and describes how this isotope, made by fusing chromium-52 with lead-206, survived for 12.6 milliseconds, longer than usual. The rare longevity and decay into 253Rf provide new indications of how K-quantum numbers or angular momentum impact the fission resistance. The findings fill in the gaps and give us an understanding of the effects of quantum shells in superheavy nuclei, which is crucial for preventing immediate disintegration.

Challenging Traditional Views on K-Quantum Numbers and Fission

As per the study by GSI, it challenges conservative views on how K-quantum numbers impact fission. Previously, it was found that the higher K values lead to greater fission hindrance, but after getting the findings from the GSI team, a more complex dynamic emerged. They found that K-quantum numbers offer hindrance to fission, but it is still ot known that it is how much, said Dr. Pavol Mosat, the study’s co-author.

Discovery of First K-Isomeric State in Seaborgium

An important milestone is the identification of the first K-isomeric state in seaborgium. In 259Sg, the scientists found that the conversion of the electron signal occurs 40 microseconds after the nuclear formation. This is clear evidence of the high angular momentum K-isomer. These states have longer lifetimes and friction in fission in a more effective way than their ground-state counterparts.

Implications for the Theorised Island of Stability

This discovery by the scientists provides key implications for the Island of stability, which has long been theorised. It is a region where superheavy elements could have comparatively long half-lives. If K-isomers are present in the still undiscovered elements such as 120, they can enable scientists in the detection of nuclei that would otherwise decay in just under one microsecond.

Synthesising 256Sg with Ultra-Fast Detection Systems

This team of German Scientists under GSI is now aiming to synthesise 256Sg, which might decay quicker than observed or predicted. Their success is dependent on the ultra-fast detection systems created by GSI, which are capable of capturing events within 100 nanoseconds. This continued research by the team may help in reshaping the search and studying the heaviest elements in the periodic table.

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