Zero Hedge: With Deutsche Bank CEO Christian Sewing set to unveil his sweeping restructuring plan to the struggling German banking behemoth’s board on Sunday – a plan that’s expected to focus on brutal cuts to DB’s investment bank – the longtime head of that unit, Garth Ritchie, has reportedly quit, according to the FT.
On Friday, DB said that Mr Ritchie would step aside “by mutual consent”, ending his more than 20-year run at the bank.
But the bank’s mass-firings of both executives and rank-and-file staff are only just beginning. more …
Opinion: One way or another, something is going to cause the European Union to undergo a massive restructuring.
Nebuchadnezzar’s dream interpreted by Daniel 2:36-43 showed 5 empires that would rule the world with great power. Each empire had a definitive end, except Rome.
Daniel prophesied that Rome and revived Rome are connected; ancient Rome faded away and never had a final end. Daniel considered them 1 empire, the 4th beast.
Daniel 7:23: “The fourth beast shall be A fourth kingdom on earth, Which shall be different from all other kingdoms, And shall devour the whole earth, Trample it and break it in pieces.”
Daniel’s final Rome is prophesied as being made of iron and clay, an uncanny description of the EU’s economically strong northern nations and economically weak southern nations of today.
Daniel then prophesied how that kingdom will be governed with 10 kings …
Daniel 7:24: “The ten horns are ten kings Who shall arise from this kingdom.
And another shall rise after them; He shall be different from the first ones,
And shall subdue three kings”
… and an 11th king will come in quietly and amass great power. Revelation 6:1-2 depicts this king as having a bow with no arrows meaning he comes in peace. He will be allowed to prosper 7 years. He is Antichrist.
So what’s going to cause this to happen? If it is a restructuring due to the economic failure of one or more southern EU nations, a collapse of Deutsche Bank, Europe’s 4th largest, will play a big role. Deutsche Bank has one of the largest holdings of highly speculative derivative portfolios in the world € 49,000,000,000,000 (trillion).
Connecting the dots: Deutsche Bank was one of the largest borrowers in the 2008 financial crisis which took $354 billion in revolving loans from the … wait for it … the U.S. Federal Reserve.
If that’s not enough, Deutsche Bank – which still has a vast derivatives footprint in the U.S., is counter party to some of the largest banks on Wall Street (here). If Deutsche Bank goes, others will follow …