What it’s like trying to live on minimum wage—it’s a ‘constant struggle’

Many Americans are striving to live off minimum wage jobs, many of which are in fast food and retail. Dougleshia Nicholson is a single mother of six trying to survive on minimum wage in Kansas City, Missouri. “Nobody can make it by themselves living on minimum wage,” Davis says. “There’s no way one person could pay for bills every month with a minimum wage job.” Check out: Full-time minimum wage workers cannot afford a 2-bedroom rental anywhere in the US Like this story?


Many Americans are striving to live off minimum wage jobs, many of which are in fast food and retail. Dougleshia Nicholson is a single mother of six trying to survive on minimum wage in Kansas City, Missouri. “Nobody can make it by themselves living on minimum wage,” Davis says. “There’s no way one person could pay for bills every month with a minimum wage job.” Check out: Full-time minimum wage workers cannot afford a 2-bedroom rental anywhere in the US Like this story?
What it’s like trying to live on minimum wage—it’s a ‘constant struggle’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: megan leonhardt
Keywords: news, cnbc, companies, wage, struggle, work, support, minimum, trying, job, davis, wageits, 15, workers, nicholson, constant, raise, live


What it's like trying to live on minimum wage—it's a 'constant struggle'

Many Americans are striving to live off minimum wage jobs, many of which are in fast food and retail.

Dougleshia Nicholson is a single mother of six trying to survive on minimum wage in Kansas City, Missouri. One of her sons has asthma, and she estimates she’s been to the emergency room for her kids six or seven times so far this year. But her cashier job at Church’s Chicken doesn’t come with paid time off and every shift is essential. “It’s stressful because I basically have to pick and choose what’s more important,” Nicholson tells CNBC Make It. “Of course my child is more important, but at the same time, I have to work and make money to be able to support and take care of them.” While Nicholson, 28, makes $8.60 an hour, $1.35 more than the federal minimum wage, thanks to a recent state increase, she says it’s still not enough money to get by, especially since her hours (and paycheck) can vary significantly week to week. “The hours are constantly shifting. I don’t have a set schedule,” Nicholson says, adding she’s notified about her start time the night before via text message. Sometimes that doesn’t come until 1 a.m. “By that time, me and my children are in bed.” Church’s did not immediately respond to a request for comment. To support herself and her kids, Nicholson is forced to rely on assistance from both her family and the government. “I’m currently homeless, so I stay with my mother,” she says, adding that she helps with rent when she can. She also relies on food stamps to buy groceries for her family. Yet even with that support, there are weeks where she doesn’t have the $15 needed to take the bus to and from work. Instead, she walks, rain, snow or sun. “You can be doing everything right and it’s still not enough,” she says. “It’s a constant struggle every day.”

A steady push toward a mandatory $15 minimum wage

What happens next

Democratic lawmakers have tried to increase the minimum wage for years, but the most recent bill, the Raise the Wage Act, introduced by Rep. Bobby Scott (D-Va.) in January has gotten the furthest. The bill, which now has 203 cosponsors, is set for a House floor vote on Thursday morning. But the legislation, even if it passes the House, is far from a sure thing. Predictive intelligence firm Skopos Labs estimates the Raise the Wage Act has a 24% chance of being enacted. Many opponents of the bill say they’re concerned raising the minimum wage to $15 may cause significant job loss. A report from the Congressional Budget Office released last week found that a mandatory $15 minimum wage may eliminate as many as 3.7 million jobs across the U.S. because companies will look to cut costs. Additionally, the report projected that real income — the compensation and purchasing power you have after taking into account inflation — would fall by about $16 billion for families above the poverty line, which would reduce their total income by about 0.1% due, in part, to consumers potentially paying higher prices. The U.S. Chamber of Commerce, a conservative business lobby group, sent a letter to House members saying the organization had “serious concerns” about the Raise the Wage Act. It added that while it’s “willing to work with members of Congress to develop a legislative package that includes an increase guided by economic conditions, $15 per hour is not that number, and the Raise the Wage Act is not that legislation.” That same CBO report also noted, however, that a $15 federal minimum is estimated to increase wages for as many as 27 million Americans and potentially lift as many as 1.3 million families out of poverty. “The CBO’s report comes to a clear conclusion: The benefits of gradually raising the minimum wage to $15 an hour over five years far outweighs any potential costs to American workers,” Scott said during a call with reporters last week. The EPI estimates that the benefit could be even wider, calculating that 33.5 million workers would see increased wages. Of those workers, the National Women’s Law Center estimates that one in three working women would directly receive a raise. And 43% of single mothers in the U.S. would see an increased income for their families, the EPI calculates.

Moving beyond the minimum is worth fighting for

Jessica Davis, 27, who worked for years at minimum wage or near-minimum wage jobs, says she’s had to work hard for every penny she’s earned at these types of jobs. “They will make you bend over backwards and it’s crazy how much work they give you when you’re making that much money,” Davis tells CNBC Make It. Davis, who completed some college and has $14,000 in student loan debt, says the last minimum wage job she held was working at Dollar General outside Nashville, Tennessee. She worked at the store for about nine months in 2016, and spent her entire 8-to-10-hour shifts on her feet. The store was routinely understaffed, Davis says, which meant she was trying to juggle checking out customers, managing the inventory and keeping the store clean. “It’s physical,” she says, adding each shift was a workout. “They wanted me to run over to this area, open up boxes and put out stock, and then run to register every time there was a customer. And they had a customer every five to 10 minutes,” she says. “My job now is hard, but it’s nothing like the [minimum wage] jobs I used to work.” A spokeswoman for Dollar General tells CNBC Make It that the company prioritizes investing in its employees and regularly promotes from within, as well as provides opportunities to help workers realize their career aspirations. “We believe career opportunities, our competitive wages and benefits and the engaging environment we offer that is rooted in our mission of ‘serving others’ allows us to remain an employer of choice,” the company said in a statement.

There’s no way one person could pay for bills every month with a minimum wage job Jessica Davis

While working at Dollar General, Davis brought home about $1,000 a month. At the time, she split rent and utilities with her boyfriend, but housing costs still ate up about $580 a month — more than 50% of her income. There was little left for extras, let alone big life events such as getting married and starting a family. “We would be married, but that costs too,” Davis says, adding that she’d like to have a small wedding at some point. But juggling the costs and planning associated with a wedding just wasn’t feasible. “Things like that get put on the back burner.” Davis managed to find a better paying opportunity when a regular customer at Dollar General befriended her and recommended her for a tech support role. She applied and got the job, which came with a significant raise: She now earns $17.95 an hour. The higher salary allowed her to focus on herself and even dream a little — she is planning on going back to college in January. At the end of the day, having a support system is critical if you’re going to make ends meet on $7.25 an hour. Both Davis and Nicholson credit their friends and family, rather than employers, for helping them survive on minimum wage. “Nobody can make it by themselves living on minimum wage,” Davis says. “There’s no way one person could pay for bills every month with a minimum wage job.” Check out: Full-time minimum wage workers cannot afford a 2-bedroom rental anywhere in the US Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: megan leonhardt
Keywords: news, cnbc, companies, wage, struggle, work, support, minimum, trying, job, davis, wageits, 15, workers, nicholson, constant, raise, live


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The next Lagarde? Europe searches for one of its own to take the IMF job

The International Monetary Fund (IMF) will soon start the process of choosing a new managing director, with Christine Lagarde set to leave the organization in a few months’ time. Since the IMF’s formation back in 1945, the managing director has always been from Europe. Lagarde decided to suspend her role as managing director, shortly after the 28 heads of state decided she should replace Mario Draghi as the ECB chief. Before officially taking on her new position, Lagarde has to answer questions


The International Monetary Fund (IMF) will soon start the process of choosing a new managing director, with Christine Lagarde set to leave the organization in a few months’ time. Since the IMF’s formation back in 1945, the managing director has always been from Europe. Lagarde decided to suspend her role as managing director, shortly after the 28 heads of state decided she should replace Mario Draghi as the ECB chief. Before officially taking on her new position, Lagarde has to answer questions
The next Lagarde? Europe searches for one of its own to take the IMF job Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: silvia amaro
Keywords: news, cnbc, companies, european, director, lagarde, europe, replace, official, searches, imf, start, decided, months, managing, job


The next Lagarde? Europe searches for one of its own to take the IMF job

The International Monetary Fund (IMF) will soon start the process of choosing a new managing director, with Christine Lagarde set to leave the organization in a few months’ time.

EU ministers have made it clear they want to see someone from their continent take the job — which will be a five-year term — and continue the tradition of having a European at the helm of the Washington-based institution. Since the IMF’s formation back in 1945, the managing director has always been from Europe.

“What we want in France is first to have a European Union candidate that can succeed Lagarde as the head of the IMF; secondly, we want to be able to take a decision quickly; thirdly, I want it to be a unique candidate, presented by the EU, without useless rivalries,” Bruno Le Maire, the French finance minister, said last week. His Spanish counterpart, Nadia Calvino, also said it was a “priority” for it to be European.

Lagarde decided to suspend her role as managing director, shortly after the 28 heads of state decided she should replace Mario Draghi as the ECB chief. Before officially taking on her new position, Lagarde has to answer questions from European lawmakers in the coming months. Therefore, official discussions on who should replace her at the IMF are unlikely to start until she hands in her official resignation.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: silvia amaro
Keywords: news, cnbc, companies, european, director, lagarde, europe, replace, official, searches, imf, start, decided, months, managing, job


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Workers value a strong company culture over higher pay, study claims

Most people believe a strong company culture will make them happier at work than earning a high salary, according to new research. Although corporate culture was a priority for the majority of respondents, it mattered more to younger adults, Glassdoor’s findings showed. Two-thirds of British millennials ⁠— those aged between 18 and 34 ⁠—⁠ ranked culture above salary, while half of U.K. workers aged over 45 prioritized culture first. In the U.S., 65% of millennials valued company culture more tha


Most people believe a strong company culture will make them happier at work than earning a high salary, according to new research. Although corporate culture was a priority for the majority of respondents, it mattered more to younger adults, Glassdoor’s findings showed. Two-thirds of British millennials ⁠— those aged between 18 and 34 ⁠—⁠ ranked culture above salary, while half of U.K. workers aged over 45 prioritized culture first. In the U.S., 65% of millennials valued company culture more tha
Workers value a strong company culture over higher pay, study claims Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: chloe taylor
Keywords: news, cnbc, companies, culture, uk, higher, workers, value, salary, adults, strong, company, pay, job, values, glassdoors, study, claims


Workers value a strong company culture over higher pay, study claims

Most people believe a strong company culture will make them happier at work than earning a high salary, according to new research.

Global jobs website Glassdoor surveyed more than 5,000 adults in the U.S., the U.K., France and Germany throughout June to determine their priorities when it came to job satisfaction.

According to the study, 56% of workers ranked a strong workplace culture as more important than salary, with more than three-in-four workers saying they’d consider a company’s culture before applying for a job there.

Although corporate culture was a priority for the majority of respondents, it mattered more to younger adults, Glassdoor’s findings showed.

Two-thirds of British millennials ⁠— those aged between 18 and 34 ⁠—⁠ ranked culture above salary, while half of U.K. workers aged over 45 prioritized culture first. In the U.S., 65% of millennials valued company culture more than a high income, compared to 52% of Americans over the age of 45.

When considering a new job, the vast majority of workers would also take an organization’s values into account ⁠— 73% of Glassdoor’s respondents would not apply to a company unless its values aligned with their own.

Meanwhile, two-thirds of employees said their firm’s culture was one of the main reasons for staying in their job. Just over 70% of adults from all four countries said they would look for a role elsewhere if their current company’s culture deteriorated, with that proportion rising to 74% among U.S. workers.

“A common misperception among many employers today is that pay and work-life balance are among the top factors driving employee satisfaction,” said Andrew Chamberlain, Glassdoor’s chief economist, in a press release Thursday.

“Instead, employers looking to boost recruiting and retention efforts should prioritize building strong company culture and value systems, amplifying the quality and visibility of their senior leadership teams and offering clear, exciting career opportunities to employees.”


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: chloe taylor
Keywords: news, cnbc, companies, culture, uk, higher, workers, value, salary, adults, strong, company, pay, job, values, glassdoors, study, claims


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How a single mom of four switched careers to land a six-figure salary

After separating from her husband in June, single mom Shannon Lance found herself suddenly needing to earn enough to support four children. Lance began her job search after completing an intensive 14-week program with Washington-based Coding Dojo. Just six days after beginning her job hunt, Lance secured a six-figure offer from travel expenses firm SAP Concur. “I was (previously) a teacher and had a bunch of professional experience that gave me soft skills which helped land the job,” she said. H


After separating from her husband in June, single mom Shannon Lance found herself suddenly needing to earn enough to support four children. Lance began her job search after completing an intensive 14-week program with Washington-based Coding Dojo. Just six days after beginning her job hunt, Lance secured a six-figure offer from travel expenses firm SAP Concur. “I was (previously) a teacher and had a bunch of professional experience that gave me soft skills which helped land the job,” she said. H
How a single mom of four switched careers to land a six-figure salary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: chloe taylor
Keywords: news, cnbc, companies, learning, switched, experience, program, single, work, salary, mom, coding, land, careers, job, didnt, career, lance, sixfigure


How a single mom of four switched careers to land a six-figure salary

After separating from her husband in June, single mom Shannon Lance found herself suddenly needing to earn enough to support four children. “I have a teaching degree but (teaching) won’t pay the bills for a family of five – it’s just not an option,” she told CNBC. “I thought about nursing, but the biggest drawback was that it required going back to school for two years to get another degree – I didn’t have two years, I have kids and bills to pay.” Despite being a self-confessed technophobe, Lance decided to learn computer coding after a suggestion from her brother-in-law, taking the plunge into an entirely new career path. Lance began her job search after completing an intensive 14-week program with Washington-based Coding Dojo. Just six days after beginning her job hunt, Lance secured a six-figure offer from travel expenses firm SAP Concur. In an interview with CNBC, she shared her tips on achieving success in a new career.

Value your ‘soft skills’

Although a career change can set you back in terms of direct industry experience, Lance urged others not to underestimate the value of basic core capabilities that appeal to employers — like strong communication or leadership skills. “I was (previously) a teacher and had a bunch of professional experience that gave me soft skills which helped land the job,” she said. “(That was) combined with having just coming out of a great program which gave me all the right tech skills.”

Be willing to learn

As well as considering how your skillset could be transferred to a new industry, Lance told CNBC that having the right attitude was a real asset when it came to landing a job with no direct experience. She said she was upfront about what she could and couldn’t do, taking the approach: “I don’t know a lot about it, but I do know a little bit – and I’m willing to learn more.” According to Lance, embracing those knowledge gaps and showcasing a desire for self-improvement could be just as valuable as experience to some employers. “For the job I got, the company was starting a new team that would be using new technology, so we’d all be learning whether they hired somebody with experience or not,” she said. “They wanted people who were capable of learning quickly and who could work and learn under pressure. Going through Coding Dojo proved I had those capabilities and that desire to keep learning.”

Work your own way

Although Lance didn’t feel intellectually limited while learning to code, she said comparing her own pace of work to others’ sometimes led to unnecessary frustration and could impact her confidence. “One challenge was the amount of time it took to get through everything. I don’t think I had trouble with the actual program, but I didn’t have any tech background, so every assignment would take me one and a half times as long as everyone else,” she told CNBC. “Some of the people in my group had played on computers since they were 12 — so the assignments only took 20 to 30 minutes for them to complete.” She said it was important to find your own way to get work done, rather than sticking to the chronological or seemingly “correct” method. Her coding program was organized into three sections, and when she initially attempted to do each assignment in order, Lance found herself falling behind. “I’d have to skip forward and go back again – that’s not a good strategy,” she said. Instead, she got through all of the reading and learning materials for each topic before attempting to complete an assignment. “Make sure you do the reading and homework way before you start struggling with (graded assignments and technical work),” she said. “And make sure you allow yourself enough time outside of class to get stuff done.” Lance also advised those considering a career change not to overestimate their own academic ability. “I was pretty good in school and didn’t have to study a lot,” she said. “I went into Coding Dojo thinking I could get it done quicker, underestimating how much time it would consume. (You have to let it) take as long as it takes.”

Seek support to switch career


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: chloe taylor
Keywords: news, cnbc, companies, learning, switched, experience, program, single, work, salary, mom, coding, land, careers, job, didnt, career, lance, sixfigure


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Read Deutsche Bank CEO’s email to staff about job cuts

Only then can we build on our long-standing history and make Deutsche Bank a leading bank once again. Going forward, our Corporate Bank will also serve the corporate and commercial clients of Deutsche Bank and Postbank in our home market. It will hold deposits of more than 200 billion euros and process financial transactions with a value of one billion euros every day. Alongside our Corporate Bank will be an Investment Bank that connects our corporate clients with capital markets worldwide. We i


Only then can we build on our long-standing history and make Deutsche Bank a leading bank once again. Going forward, our Corporate Bank will also serve the corporate and commercial clients of Deutsche Bank and Postbank in our home market. It will hold deposits of more than 200 billion euros and process financial transactions with a value of one billion euros every day. Alongside our Corporate Bank will be an Investment Bank that connects our corporate clients with capital markets worldwide. We i
Read Deutsche Bank CEO’s email to staff about job cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: spriha srivastava
Keywords: news, cnbc, companies, ceos, email, billion, euros, staff, cuts, clients, job, management, business, transformation, bank, read, deutsche, corporate, team


Read Deutsche Bank CEO's email to staff about job cuts

Deutsche Bank CEO Christian Sewing, in an email to colleagues, said he “greatly regrets” the impact these job cuts will have on employees, adding that it is in the “long-term interests” of the bank.

Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.

Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years.

Here’s the email that Deutsche Bank’s CEO Christian Sewing sent to staff on Sunday.

Dear Colleagues,

At the Annual General Meeting in May I said that we would speed-up the transformation of our bank significantly, that we would have to take faster and more radical action. Since then, many of you have asked me when we would announce concrete next steps.

Today is that day: After further stabilizing our bank last year, we are now entering the next phase – and that means nothing less than a fundamental transformation of our bank.

First let me say this: I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you. In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively. Only then can we build on our long-standing history and make Deutsche Bank a leading bank once again. A bank which we can be justifiably proud of.

I will not go over all the details that we just published in our media release.

I will stress though that what we have announced today is nothing less than a fundamental rebuilding of Deutsche Bank through which we are ushering in a new era for our bank. This is a rebuilding which, in a way, also takes us back to our roots. We are creating a bank that will be more profitable, leaner, more innovative and more resilient. It is about once again putting the needs of our clients at the centre of what we do – and finally delivering returns for our shareholders again.

The transformation will bring us closer to our core strength, our DNA. Almost 150 years ago, we were founded as a bank that serves German and European companies worldwide, that provides a global network and that paves the road to Europe for international companies and investors. This is exactly the role that the Corporate Bank which we are forming will play. Going forward, our Corporate Bank will also serve the corporate and commercial clients of Deutsche Bank and Postbank in our home market. This division is focused on midcap clients, family-owned companies and multinational corporates. It will hold deposits of more than 200 billion euros and process financial transactions with a value of one billion euros every day.

Alongside our Corporate Bank will be an Investment Bank that connects our corporate clients with capital markets worldwide. In this division, we will concentrate on those areas in which we have a longstanding expertise – credit, fixed income and currencies, as well as strategic advice. Going forward, our Investment Bank will be smaller – but all the more stable and competitive.

The strict separation between private and corporate clients also means we will have a much more focused private client business. In our home market, we are already a market leader in many businesses. It is our stated goal also to achieve that position in areas where we are not yet leading but have strong growth potential by offering innovative digital solutions and outstanding advice. The task is to find ways to combine these two propositions, because it is exactly in this combination that our strength lies. In order to achieve this, we need to manage our cost base more efficiently. That is why we will accelerate the integration of Deutsche Bank and Postbank.

Our goal is clear: We want to achieve a post-tax Return on Tangible Equity (RoTE) of 8 percent by 2022. It is absolutely vital that we achieve this if we want to be competitive in the long term.

We are not too far away from this goal. The RoTE of DWS is already above 10 percent, the Corporate Bank is only slightly below, and we are well on track to reaching that goal in the Private Bank. In the Investment Bank, we are highly profitable and stable in many areas of the business and will improve significantly over the coming years.

In those areas where we are not currently competing to win, we are now taking decisive action. Indeed, we have no choice other than to concentrate our strengths and resources where we play to win and where we can make a true difference for our clients.

That means we will be fundamentally rebuilding our bank. In total, we will be transferring 74 billion euros of risk weighted assets into the Capital Release Unit (CRU) to be sold over the course of the coming years. The term “bad bank”, which is often used in the media, is in this case misleading. Given the high quality and in many cases short duration of the assets, we expect these to be wound down quickly. This will serve to free up significant amounts of capital. As a result, we intend to return 5 billion euros to shareholders from 2022.

The rebuilding will, however, only be successful if we fundamentally reshape our infrastructure – all of the cross-divisional functions supporting the businesses. Here, we also have to become more innovative and more efficient whilst simultaneously strengthening our controls.

Let us start with innovation: We intend to invest 13 billion euros in technology by 2022. In addition, we will have a Management Board member responsible for digitalisation, data and innovation. With Bernd Leukert, we will be joined by someone who was previously in charge of product development at SAP. In the age of cloud-computing and platform economies, he will ensure that we accelerate our progress still further. In doing so, we can build on the many innovations that our bank has developed over the past couple of years.

This, in turn, will give Frank Kuhnke the necessary freedom to concentrate on what he does better than anyone else. He will put the structure and processes of our infrastructure functions to the test and make them leaner and more efficient. For many years, our fixed costs have been way too high, as is demonstrated by our cost-income ratio. We intend to reduce adjusted costs by about 6 billion euros to 17 billion euros by 2022.

One thing is certain – we will not make any sacrifices when it comes to our control functions. On the contrary, we can and will further improve them. That is why we are bringing risk management together with the divisions for compliance and anti-financial crime. These areas which are of utmost importance to our integrity and to trust in our bank will therefore be combined in a single division led by Stuart Lewis.

That brings us to the people who will execute the transformation: our leadership team. One thing is certain: If we are serious about shaping a new Deutsche Bank, change will need to start right at the top. That is a matter of structure as much as of individual team members.

Let me start with the leadership structure that we have also announced today. Going forward, our Management Board – next to our President Karl von Rohr and myself – will only represent the bank’s central functions and regions. This includes Christiana Riley, who will be responsible for our business in the Americas, and Stefan Simon, who will be responsible for Legal and Regulatory Affairs. It is intended that both, alongside Bernd Leukert, will become members of the Management Board as soon as regulatory approvals have been obtained.

On the other hand, we also have a few goodbyes. I would like to whole heartedly thank Sylvie Matherat, Garth Ritchie and Frank Strauß for their service to Deutsche Bank. Together, we have come a long way – especially over the course of the past year. I personally have greatly appreciated the spirit of cooperation with all three of them. However, I am convinced our new structure is an important step forward for our bank – because it will enable us to become more agile and flexible.

We are deliberately separating the business heads from the responsibilities of the Management Board which require a lot of time and attention. Instead, we want to enable those responsible for the business divisions to act as entrepreneurs within our bank – all the while being laser-focused on our clients and what we can offer them. My colleagues and I expect the highest degree of integrity and teamwork. They have to be role models – internally as well as externally. The colleagues that are now joining the newly formed Group Management Committee represent exactly those values.

Our Corporate Bank will be led by Stefan Hoops, who will report to me.

Mark Fedorcik will be Head of the Investment Bank. Ram Nayak will head the Fixed Income and Currencies Business. Both will also report to me.

The Private Bank in Germany will be led by Manfred Knof, former CEO of Allianz Germany. Ashok Aram will lead the international retail business (including international commercial clients) and Fabrizio Campelli will lead the Wealth Management Business. All three will report to my deputy, Karl von Rohr.

Asoka Wöhrmann will continue to lead our asset management business DWS and will also report to Karl von Rohr.

The newly formed Capital Release Unit will be led by Louise Kitchen and Ashley Wilson, both of whom will report to Frank Kuhnke.

The Group Management Committee will be supported by the so-called Senior Leadership Team, the extended management circle. The team will comprise 13 members, representing the relevant infrastructure functions.

We were determined to form a team that would represent trust, strength in innovation and an entrepreneurial mindset – and that would enable us to make a credible fresh start.

Let me summarise again what we are doing:

Going forward, we will have four businesses that will be entirely focused on our clients.

We are focusing our Investment Bank, we will be less dependent on Sales & Trading and are shrinking our balance sheet.

We are creating a Corporate Bank which will be at the centre of our bank.

We aim to reduce our adjusted costs by over a quarter and to simultaneously invest 13 billion euros in technology by 2022.

And we are not asking our shareholders to pay for this transformation but instead plan to return capital to them.

All of this will create a new, better Deutsche Bank.

However, we also have to face the fact that this transformation will require uncomfortable decisions. This is especially true for the sizeable workforce reductions. I can assure you that my colleagues and I appreciate that this impacts people and affects their lives in a profound way. That is why we will do whatever it takes to implement these cuts as responsibly as possible – I consider it our duty to do so. The works councils and employee representatives will be consulted where applicable and statutory participation rights will be safeguarded.

Taking this decision has not been easy. It has far-reaching consequences for our bank – the bank that I have been working at for almost thirty years now.

But I am determined, and so is my leadership team: This is about thinking radically and thinking differently. It is about a new culture. A culture that enables rather than prevents. A culture that always puts the bank and its clients first, before the interests of the individual. A culture where integrity and teamwork are core values. A culture that takes our responsibility for the economy and for society seriously. A culture that we are all proud of and where extraordinarily talented people want to work.

Thank you for your support.

Best wishes,

Christian Sewing


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: spriha srivastava
Keywords: news, cnbc, companies, ceos, email, billion, euros, staff, cuts, clients, job, management, business, transformation, bank, read, deutsche, corporate, team


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How student loans are making some people abandon their dreams

Every day the 27-year-old comes home from his job as a supervisor at a big-box retailer and heads right to his bedroom. He was thrilled — until he saw his monthly student loan bill. Instead of following his dreams, he now works as a supermarket manager (where he makes a higher salary than he would as a trainer) and lives at home. “He thinks his life is over,” O’Mara said. “He’s 27, and he thinks his life is over.”


Every day the 27-year-old comes home from his job as a supervisor at a big-box retailer and heads right to his bedroom. He was thrilled — until he saw his monthly student loan bill. Instead of following his dreams, he now works as a supermarket manager (where he makes a higher salary than he would as a trainer) and lives at home. “He thinks his life is over,” O’Mara said. “He’s 27, and he thinks his life is over.”
How student loans are making some people abandon their dreams Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: annie nova
Keywords: news, cnbc, companies, making, abandon, job, kantrowitz, hes, dreams, loans, debt, life, field, thinks, student, florida, omara


How student loans are making some people abandon their dreams

Mary O’Mara is worried about her son.

Every day the 27-year-old comes home from his job as a supervisor at a big-box retailer and heads right to his bedroom. He doesn’t emerge until the morning. “He just sleeps,” O’Mara, 62, said. “He’s so depressed.”

That’s because his life wasn’t supposed to unfold this way.

At Rutgers University, he majored in marine science and minored in environmental protection policy. On internships, he traveled to Barbados and fought to protect turtles from poachers; in Key West, Florida, he nursed sick dolphins back to health. “From a child, he loved the ocean,” O’Mara said. “He’s a really smart kid.”

When he graduated college, he was offered a position in Florida, training dolphins. He was thrilled — until he saw his monthly student loan bill. It was more than $1,000.

Instead of following his dreams, he now works as a supermarket manager (where he makes a higher salary than he would as a trainer) and lives at home.

“He thinks his life is over,” O’Mara said. “He’s 27, and he thinks his life is over.”

Student loans are having a perverse effect: The very debt that’s taken on to allow someone to pursue their ambitions can later morph into a burden that requires them to ditch those plans and grab any job that will just pay the bills.

More than half of people who owe $55,000 or more in student debt say they took a job outside of their field, compared with 29% of those with no debt, according to new research by Mark Kantrowitz, publisher of SavingforCollege.com.

“It’s absolutely ironic,” Kantrowitz said. “You go to a more expensive college, supposedly the best in your field, but take on too much debt, so you can’t work in your field because of the need to repay the debt.”


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: annie nova
Keywords: news, cnbc, companies, making, abandon, job, kantrowitz, hes, dreams, loans, debt, life, field, thinks, student, florida, omara


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European markets close lower despite strong US job growth; Deutsche Bank shares fall 5% as restructuring begins

The pan-European Stoxx 600 dipped below the flatline at the closing bell, with most sectors and major bourses in the red. European stocks ended Monday’s session in negative territory, even as stronger-than-anticipated jobs data on Wall Street tempered expectations for a Federal Reserve rate cut. Shares of Deutsche Bank ended the session 5% lower. Meanwhile, Spain’s Enagas also tumbled to the bottom of the Stoxx 600 after a flurry of target price downgrades from RBC, J.P. Morgan and Kepler Cheuvr


The pan-European Stoxx 600 dipped below the flatline at the closing bell, with most sectors and major bourses in the red. European stocks ended Monday’s session in negative territory, even as stronger-than-anticipated jobs data on Wall Street tempered expectations for a Federal Reserve rate cut. Shares of Deutsche Bank ended the session 5% lower. Meanwhile, Spain’s Enagas also tumbled to the bottom of the Stoxx 600 after a flurry of target price downgrades from RBC, J.P. Morgan and Kepler Cheuvr
European markets close lower despite strong US job growth; Deutsche Bank shares fall 5% as restructuring begins Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: chloe taylor sam meredith, chloe taylor, sam meredith
Keywords: news, cnbc, companies, trading, european, session, ended, bell, stoxx, banking, fall, job, shares, restructuring, markets, lower, strong, growth, jobs, deutsche, stocks


European markets close lower despite strong US job growth; Deutsche Bank shares fall 5% as restructuring begins

The pan-European Stoxx 600 dipped below the flatline at the closing bell, with most sectors and major bourses in the red.

European stocks ended Monday’s session in negative territory, even as stronger-than-anticipated jobs data on Wall Street tempered expectations for a Federal Reserve rate cut.

Europe’s banking stocks led the losses, trading nearly 1% lower after Deutsche Bank announced it would pull out of its global equities sales and trading operations, scale back its investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.

Germany’s flagship lender surged toward the top of the European benchmark shortly after the opening bell, before giving up all of its gains to slip toward the bottom of the index. Shares of Deutsche Bank ended the session 5% lower.

Meanwhile, Spain’s Enagas also tumbled to the bottom of the Stoxx 600 after a flurry of target price downgrades from RBC, J.P. Morgan and Kepler Cheuvreux. Shares of the utilities firm slipped almost 5% on the news.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: chloe taylor sam meredith, chloe taylor, sam meredith
Keywords: news, cnbc, companies, trading, european, session, ended, bell, stoxx, banking, fall, job, shares, restructuring, markets, lower, strong, growth, jobs, deutsche, stocks


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Deutsche Bank employees begin leaving London office amid global job cull

A man carries a box as he leaves a London office of Deutsche Bank which has confirmed plans to cut 18,000 positions across its global business, causing thousands of workers in the City of London to fear for their jobs. Deutsche Bank employees were seen leaving its London offices on Monday after the German lender announced its intent to cut 18,000 jobs by 2022 in a sweeping overhaul of its global business. A number of visibly disgruntled employees were seen leaving, some with A4 envelopes, while


A man carries a box as he leaves a London office of Deutsche Bank which has confirmed plans to cut 18,000 positions across its global business, causing thousands of workers in the City of London to fear for their jobs. Deutsche Bank employees were seen leaving its London offices on Monday after the German lender announced its intent to cut 18,000 jobs by 2022 in a sweeping overhaul of its global business. A number of visibly disgruntled employees were seen leaving, some with A4 envelopes, while
Deutsche Bank employees begin leaving London office amid global job cull Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: elliot smith
Keywords: news, cnbc, companies, deutsche, leaving, cull, cut, global, bank, london, seen, cuts, trading, office, employees, begin, job


Deutsche Bank employees begin leaving London office amid global job cull

A man carries a box as he leaves a London office of Deutsche Bank which has confirmed plans to cut 18,000 positions across its global business, causing thousands of workers in the City of London to fear for their jobs.

Deutsche Bank employees were seen leaving its London offices on Monday after the German lender announced its intent to cut 18,000 jobs by 2022 in a sweeping overhaul of its global business.

A number of visibly disgruntled employees were seen leaving, some with A4 envelopes, while a source with knowledge of the matter confirmed to CNBC that people were being asked on Monday morning to gather their belongings and leave the premises.

The cuts are focused in the closure of the bank’s global equities sales and trading business in a bid to improve profitability, and are part of an effort to reduce global headcount to around 74,000 and cut adjusted costs by a quarter to 17 billion euros ($19.08 billion). Deutsche Bank employs around 7,000 people in London out of the 7,990 across the U.K., having first opened in the capital in 1873.

The bank has not disclosed a regional breakdown of the job cuts, but both London and New York are hubs for its investment bank’s trading operations and may therefore bear the brunt.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: elliot smith
Keywords: news, cnbc, companies, deutsche, leaving, cull, cut, global, bank, london, seen, cuts, trading, office, employees, begin, job


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Deutsche Bank ‘very confident’ new job cuts will be its final restructuring drive

Deutsche Bank may have gone through a number of strategy overhauls in recent years, but its chief financial officer told CNBC Sunday that the bank is determined this new round of restructuring will be its last. “We are very confident this is the final restructuring for this organization. We’re looking forward, frankly, to having that behind us and (to) focus on our core business going forward,” James von Moltke told CNBC’s Annette Weisbach in Frankfurt. The bank aims to reduce adjusted costs by


Deutsche Bank may have gone through a number of strategy overhauls in recent years, but its chief financial officer told CNBC Sunday that the bank is determined this new round of restructuring will be its last. “We are very confident this is the final restructuring for this organization. We’re looking forward, frankly, to having that behind us and (to) focus on our core business going forward,” James von Moltke told CNBC’s Annette Weisbach in Frankfurt. The bank aims to reduce adjusted costs by
Deutsche Bank ‘very confident’ new job cuts will be its final restructuring drive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-07  Authors: spriha srivastava
Keywords: news, cnbc, companies, confident, trading, cuts, von, told, organization, job, restructuring, set, round, drive, final, sales, deutsche, bank


Deutsche Bank 'very confident' new job cuts will be its final restructuring drive

Deutsche Bank may have gone through a number of strategy overhauls in recent years, but its chief financial officer told CNBC Sunday that the bank is determined this new round of restructuring will be its last.

“We are very confident this is the final restructuring for this organization. We’re looking forward, frankly, to having that behind us and (to) focus on our core business going forward,” James von Moltke told CNBC’s Annette Weisbach in Frankfurt.

The German lender announced Sunday that it will pull out of its global equities sales and trading operations, scale back its investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.

Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years.

“Job cuts are painful for us all. They are unfortunately a necessary by-product of the reorientation of the organization. Geographically it’s actually relatively broadly spread,” he said.

“Those are plans that have been underway for some time and of course in the restructuring or realignment of our investment bank there’ll be significant cuts there as well principally falling, of course, in equity sales and trading with the announcement that we are going to exit entirely, but also to some degree in the FICC (fixed income, commodities and currencies) organization,” von Moltke added.

He said that the bank’s board has been working hard to set goals that are achievable so that there are no more rounds of job cuts and the bank can come back to profitability.

“Over the past year or so we’ve been quite deliberately trying to set near-term goals that we could hit deliver on our promises and build from there. That’s absolutely how we approach this, he said, reiterating that the board were determined for this to be the last round of restructuring needed.


Company: cnbc, Activity: cnbc, Date: 2019-07-07  Authors: spriha srivastava
Keywords: news, cnbc, companies, confident, trading, cuts, von, told, organization, job, restructuring, set, round, drive, final, sales, deutsche, bank


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Strong job growth is back: Payrolls jump in June well above expectations

The unemployment rate edged up to 3.7% as labor force participation rose, according to the Labor Department. Economists surveyed by Dow Jones had expected nonfarm payrolls to rise by 165,000 and the unemployment rate to hold steady at 3.6%. May’s initially reported growth of 75,000 had raised doubts about the durability of the record-setting expansion that began a decade ago. Markets have been widely anticipating that the central bank will cut its benchmark interest rate later this month, regard


The unemployment rate edged up to 3.7% as labor force participation rose, according to the Labor Department. Economists surveyed by Dow Jones had expected nonfarm payrolls to rise by 165,000 and the unemployment rate to hold steady at 3.6%. May’s initially reported growth of 75,000 had raised doubts about the durability of the record-setting expansion that began a decade ago. Markets have been widely anticipating that the central bank will cut its benchmark interest rate later this month, regard
Strong job growth is back: Payrolls jump in June well above expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: jeff cox, fred imbert
Keywords: news, cnbc, companies, job, later, lower, added, rate, jump, expectations, strong, payrolls, fed, cut, month, market, rates, growth


Strong job growth is back: Payrolls jump in June well above expectations

Payroll growth rebounded sharply in June as the U.S. economy added 224,000 jobs, the best gain since January and running contrary to worries that both the employment picture and overall growth picture were beginning to weaken. The unemployment rate edged up to 3.7% as labor force participation rose, according to the Labor Department. Economists surveyed by Dow Jones had expected nonfarm payrolls to rise by 165,000 and the unemployment rate to hold steady at 3.6%. May’s initially reported growth of 75,000 had raised doubts about the durability of the record-setting expansion that began a decade ago. The May count was revised lower to 72,000. Federal Reserve policymakers have been watching the jobs numbers closely.

Markets have been widely anticipating that the central bank will cut its benchmark interest rate later this month, regardless of what the June payrolls count showed. The stock market opened lower as investors contemplated what the report might mean for expectations that the Fed will be cutting interest rates later this month in an effort to stave off a widely expected economic slowdown through the year. Government bond yields surged, with the benchmark 10-year note up nearly 10 basis points to about 2.05%.

The report “would seem to make a mockery of market expectations” for a quarter- or half-point cut at the July 30-31 meeting of the Federal Open Market Committee, said Andrew Hunter, senior U.S. economist at Capital Economics. The level of job growth, he added, “is still much stronger than the levels that have usually prompted the Fed to cut rates in the past and, although we do still expect the weakening economy to prompt the Fed to loosen policy, the first rate cut will probably be delayed until September.” Market reaction shifted abruptly after the Bureau of Labor Statistics release. Traders moved the possibility of a 50-basis point cut to 8% from nearly 30% though 100% expectations for a quarter-point cut remained firmly in place. President Donald Trump has been sharply critical of the Fed and repeated his previous sentiments later in the morning. “We don’t have a Fed who knows what they’re doing,” Trump said, adding, as he has in the past, that the economy would take off like a “rocket ship” with lower interest rates. Professional and business services led the job gains with 51,000, while health care added 35,000 and transportation and warehousing contributed another 24,000. Construction also added 21,000 and manufacturing, despite teetering on contraction recently, saw another 17,000 jobs added, above the 8,000 per month average in 2019 and getting closer to the 22,000 a month in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: jeff cox, fred imbert
Keywords: news, cnbc, companies, job, later, lower, added, rate, jump, expectations, strong, payrolls, fed, cut, month, market, rates, growth


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