Deutsche Bank CEO Slashes 18,000 Jobs in $8.3 Billion Revamp (Bloomberg)
Deutsche Bank AG unveiled a radical overhaul that will see the lender exit its equities business, post a 2.8 billion-euro ($3.1 billion) second-quarter loss and cut the workforce by a fifth to reverse a slide in profitability.
German Government OK With Cull of 18,000 Jobs (Bloomberg)
Angela Merkel’s government will look past Deutsche Bank AG’s cutting a fifth of its workforce, viewing the cuts as a necessary change to boost the bank’s profitability. In addition, the government welcomes a step back from investment banking and a renewed focus on German businesses.
Endorsement: Mark Carney for Top IMF Job!
Bloomberg reported over the weekend that EU officials are actively considering Mark Carney for the top International Monetary Fund job after Christine Lagarde leaves to become the president of the European Central Bank.
My view? European Union finance ministers should nominate Mark Carney when they meet this week.
Carney’s resume is hard to beat, Bloomberg reported. He has governed the central banks of both the U.K. and Canada, helped set regulation for global finance, worked inside the Canadian government, earned a doctorate in economics from the University of Oxford and spent more than a decade at Goldman Sachs.
Importantly, he’s been a leader in driving transparency around climate-related financial risks and pushing the financial sector to take urgent steps to address climate change. As chair of the Financial Stability Board, he established the Mike Bloomberg-led Task Force on Climate-related Financial Disclosures which reported recently that 800 companies now support more climate-related disclosures.
Culture of Corruption: Federal Grand Jury is Investigating Top GOP Fundraiser Elliott Broidy (Associated Press)
The investigation is examining whether he used his position as vice chair of President Trump’s inaugural committee to drum up business deals with foreign leaders.
Economy Watch: Don’t Let the June U.S. Jobs Numbers Fool You; the Job Market Is Weak (Bloomberg Opinion)
Unemployment keeps falling because workers keeping dropping out of the labor market.
UN Warning on Climate: One Climate Crisis Disaster Happening Every Week (The Guardian)
Developing countries must prepare now for profound impact, says Mami Mizutori, the UN secretary-general’s special representative on disaster risk reduction. Rich countries also face a challenge to adapt their infrastructure and ways of protecting people from disaster. “Nature-based solutions”, such as mangrove swamps, forests and wetlands which could form natural barriers to flooding should be a priority.
A further key problem is how to protect people in informal settlements, or slums, which are more vulnerable than planned cities. The most vulnerable people are the poor, women, children, the elderly, the disabled and displaced, and many of these people live in informal settlements without access to basic amenities.
U.S. Women Win World Cup!
-On a Day Filled with Soccer Heroics, US Women Made Biggest Statement (ESPN)
-Nike Celebrates U.S. Women’s Soccer Victory with Powerful Spot (Ad Age) Watch the ad here.
-US Women’s Soccer Team to Get Ticker-Tape Parade in New York City’s Canyon of Heroes on Wednesday (New York Times)
Best of Twitter.
On the July 4th Independence Day holiday in the U.S.:
“The real American holiday is July 5th when you can buy an American flag at Walmart for 50% off.”
“I just found out that every Fourth of July, the British celebrate ‘We Dodged a Bullet Day’”
“Happy Birthday, America! I’d say you don’t look a day over 240, but we’re still dealing with some sh*t that should be ancient history.”
— Samantha Bee
On President Trump’s ‘Salute to America’ event on July 4th in Washington:
“Should have called Trump’s 4th of July thing the Lyre Festival.”
“How about the Burning Money festival?”
— David Edelhart
On the U.S. women’s soccer team winning the World Cup:
“Motion to designate this team the “US National Team” going forward. The guys can be the USMNT.”
“New rule: Every president of the U.S. who gets elected waits for Megan Rapinoe to invite them to her house, the bigger honor. #USWNT”
“These women are the best of what our country represents. You’re welcome on my show any time. My World Cup runneth over.”
— Ellen Degeneres