transformation of germany's biggest lender in decades that's for storage of bank c.e.o. . calls the radical cuts he's performing on the ailing erstwhile flagship of germany's financial industry zigging is closing down all of its loss making equities trading business and will shrink in spondon rates trading operations significantly 18000 staff will lose their jobs especially london and new york offices will be decimated stuff across asia have also been seen leaving their buildings for good. it was the investment bankers that were the 1st to go whole teams of them were fired on monday across asia deutsche bank is turning its back on the international equities business and focusing its attention back home. on that leg on the plant we've been planning for quite some time that after achieving stabilisation last year cleaning up the balance sheet and in costs under control we now want to take the next step mats to align the bank with its strengths and that is what we are

pleased to announce to the company stumbled during the world financial crisis and its share price has yet to recover. has also been held back by a procession of legal woes the bank repeatedly saw itself confronted with fines worth billions of dollars for money laundering violating sanctions and its role in the subprime mortgage scandal but the restructuring effort is now being seen as a new chance by investors. by this dawdling around for the past few years is over now concrete steps are being taken to give the bank a new direction and that's what we were missing over the past 5 to 6 years. while deutsche has said the move will cost 7400000000 euros and hopes it will return the company back to the top tier of banking many experts say it may be the last chance to save the bank well i'm now joined by was telestial he's

a banking expert at the frankfurt school of finance and also in frankfurt our financial correspondent only bonsa standing by when he was start with you what's been the reaction in the markets today. it's been a very mixed reaction 1st reaction was positive the share went shooting up 34 percent way better than most other equities here and then turned around and dipped below the 0 line and it's now losing about 3 to 4 percent and i think investors impressed and a lot are positive that finally this overhaul is taking place many people have called for more drastic cuts job cuts and also to bring the cost down overall but also it's apparent vestment banking which many saw as carrying too much risk in the end in the last few years yielding to little profits but there are also those who are of course skeptical that the bank will have the insurance the time to set the

south while this happens it's going to be a painful process and some say paring down investment banking bad decisions where do you get the really good profits for the future from if that's gone. what does that mean for doj is operation in asia. for a reason is that you know it. is it is. or is or ready was.

this. policy but still it is hardly good news for america for germany rather as europe's economic heavyweight to speak up a bit the audio quality is very very bad. i don't say it will always. be. you know. tease. out. again very much. come back or. the. ready reason is because it. is you or. only the holes just said thoughts about going back to its coal business but isn't it also doj admitting

we've tried to play with the big boys for 20 years but we're just not good enough. you're referring to the investment banking expansion which began then and which for years actually reaped tremendous profits i mean the bank was a profit powerhouse and that was i think part of the problem then a culture of bony bonuses came in people were earning huge amounts of money and people started also doing illegal and immoral business and that basically the 2 things huge bonuses eventually the bonuses stayed but the profits went and then a risky business came in but the but the bank in the knee in the in the in the in the shape of huge fines and so and now investment banking overall is going down and it's important other banks have leapt ahead so yes they played with the big boys for a while quite successfully but somehow got off track and missed the boat when it came to changing course. when abouts and halls of leisure both in frankfurt thank

you very much. the turkish lira slid by more than 2 percent against the dollar during monday trading after the head of turkey's central bank was sacked no official reason was given for murat said in cairo but it's thought turkish president other one was frustrated by the bank's decision to keep interest rates on hold the turkish government has been pushing for them to be cost analysts predict the central bank could start easing monetary policy at its meeting later this month. we're now joined by ranko barrett she's head of market analysis at money explain europe and joins us from london runkle what does this mean now for the lira is it healthy enough. so if you look at the lira today it looks like markets are giving the central bank the benefit of the doubt and i think this has

a lot to do with the global expectations for easing from central banks it creates a hunt for yield and guess walk into the treasury has a lot of yield at the moment but i think really the main issue is that it exists abates the turkish central banks problem with credibility we still don't really know if the central bank will set monetary policy to fight inflation and protect the credibility of the currency or if it's being sit by it one himself or by political pressures and that's a major problem for the currency what they need in the markets what's what's the general spirit is do they is they the turkish central bank still regarded as being properly independent. i would say the spirit is one of extreme skepticism over everything that the c.p.i. does and this creates a dilemma for the central bank because the macro economic fundamentals are tricky do allow the central bank to cut rates so they need to cut rates but the problem is they have a history of what looks like political interference they didn't raise rates in 2017

they suspended report earlier this year and it raises questions over every single rate cut they make markets are going to be asking is this justified by the fundamentals or is it politically influenced so if they cut rates to foster they risk creating another layer a crisis of the sort that we saw earlier this year and considering how fragile global investor risk sentiment is right now it creates a very dangerous situation for the lira. drunkard's marker noses of monex europe thank you. now it's a dispute that could affect global tech supply chains the route between japan and south korea the 2 countries cannot agree on compensation for forced labor during the 2nd world war tokyo has now decided to impose controls on exports destined for his neighboring country south korea. it's a controversial and painful issue for south koreans well talk you believe the 2

countries had turned a new page the route over compensation for forced labor during the 2nd world war resurfaced. last year south korea's supreme court said a japanese steel company must compensate south koreans for their time of forced labor as during the war tokyo retaliated last week with restrictions on exports essential to south korea's tech industry that's causing worries in seoul. and i urge a parent to withdraw its measures and for the 2 countries to have a sincere consultation to the vicious cycle of actions and counteraction this is not desirable at all for both countries however our government cannot rule out the countermeasures if the japanese actions inflicts damage on south korean companies our new show of. japan's restrictions will affect tech companies like samsung and hynix they in turn supply u.s. tech giant apple and china as well way the regional spat could soon become

a global event south korea says it's planning to file a complaint with the world trade organization over japan's restrictions. british airways is facing a fine of more than 200000000 euros over a day to bridge its the biggest penalty handed out by the u.k. information watchdog last year their line fell victim to what it called a sophisticated malicious criminal attack on its website it said the hackers accessed almost 400000 customer transactions bridget always says it's surprised and disappointed by the fact. and that's it from me and the business agency i'm here in the early cold war business another says i'm also back on stories check out w dot com slash business. news is next bought right off the global markets.

we buy cheap clothes and discard them soon after fast fashion is everywhere nowadays. in germany alone almost a 1000000 tons of textiles are from notes every year. most are poor quality and hard to recycle. so what happens after closing is don't google 3030 minutes on d w. more. europe. what unites. what divides. the man. driving force. what binds the continent together. answers and stories aplenty the. spotlight on people.

focused on girls on t w. i'm scared that the volume or that's hard and in the end is a me you're not allowed to stay here anymore we will send you back. are you familiar with this. with the smugglers we're alliance and. what's your story. ready on what numbers of women especially in victims of violence in. part and send us your story you are trying always to understand this new culture. another visitor another yet you want to become a citizen. in for migrants your platform for reliable information.

this is the only news live from berlin the international criminal court convicts a notorious warlord ordered the rape and murder of civilians and forced child soldiers to kill off today the i.c.c. has found former congo east rebel chief boss don't think i'm not guilty of crimes against humanity their group see him spend the rest of his life behind bars also coming up ukraine's president wanted miss lewinsky coast few leaders for the very 1st time in kiev to discuss the conflicts in the eastern part of the country.