wall street reacts as deutsche bank lays out an ambitious restructuring plan cutting thousands of positions and ditching its investment arm helped turn the bank around and what's the plan for the future we've got full coverage. and big game hunting has grown into a huge industry in south africa but it's increasingly under fire look at what operation and the money behind it. this is your business report i'm stephen beard thanks for joining us. bank shares tumbled more than 5 percent monday after the lender announced an ambitious restructuring plan worth $7400000000.00 euros at the cost of $18000.00 jobs as c.e.o. christian saving or close the banks struggling equities trading business and shrink other operations significantly. investment bankers were the 1st to go entire teams were given the sack on monday from sydney to london. and could concentrate

hard on the sector for years but to no avail this year it's not showing up yet another round of losses for the 4th time in 5 years the restructuring measures announced on sunday are aimed at freeing up the remaining divisions of the bank it's turning its back on its ailing international business and focusing on the domestic market. we've been planning for quite some time that after achieving stabilisation last year cleaning up the balance sheet having costs under control now we want to take the next step and that's to align the bank with its strengths and that's what we are pleased to announce today that the. bank was devastated by the global financial crisis and the share price is yet to recover. legal disputes compounded delicious problems the bank was forced to pay billions in fines for russian money laundering breach of sanctions against iran and syria and for its role in the subprime mortgage scandal weary after years of uncertainty someone best received this radical reboot as an opportunity. for dawdling around for the last

few years is now over the steps are being taken to give the bank a new direction and that's what's been missing for the past 5 or 6 years from 6. even those most acutely affected the employees except retrenchment is necessary. and if i take a painful step today at least it hurts in a socially acceptable way and that can help move forward into the future then it's important we go along with it. puts a cost of restructuring at $7400000000.00 euros however it hopes that will enable it to retake its place among the world's leading financial institutions some analysts are skeptical whether the measures go far enough to solve problems and restore the one time poster child of global finance to the top tier. and let's take a closer look at the biggest plan cut in 2800 corporate and investment banking side earn more than 13000000000 euros of that almost 2 came from selling global equities

and that's the business it's now getting out of now compare that to other big investment banks j.p. morgan earned 6200000000 euros in equity sales goldman sachs 6800000000 and morgan stanley 7.9 in other words deutsch was pretty far behind now wants to focus on managing financial transactions for its big corporate clients especially german ones and that's the global transaction banking you see there and unions back home welcome the move because it means more job security for them in fact the head of germany's the union chief called it the right direction. so german employees breathe a sigh of relief but can do it your bank thrive again by focusing on the domestic market now for more on that let's talk with our financial correspondent in new york jose luis de haro jose could have you with us do investors really believe that this restructuring plan from georgia can actually work. time will tell stephen but

some investors are indeed referring to a plan as too ambitious and too optimistic according to analysts it's important to have in mind some of the challenges ahead for the plan to be successful i'm on damn the options of a high return platform which could guarantee higher profitability in the near term and also d.l. evaded funding costs in india and there are several downsides to consider here some a simple as a slow don't need to global economy which could cause you to rationing credit quality and we can revenues which could affect your bank's profitability in this regard the easy be 0 interest rate policy is not going to help to increase profits also the reason is secure it is a crucial not to lose credibility and try to maintain employee while regaining market share in a very competitive market so it seems as stephen their legal room for error at this point for dollar today and of course as they george has said that it does not need additional capital to put this restructuring plan in place now it's not the only

bank that's trying to make it big in the u.s. the only european bank that is why do they struggle so much to be successful in the u.s. . it is a very tough market stephen especially so after the financial crises regulations and leverage restrictions have significantly shrink profit margins that make it very difficult not only for european banks a trying to challenge wall street into global investment banking and rina but also for u.s. banks the selves more recently that managers and hedge funds the main clients of the investment bank at businesses are increasingly cutting cost cutting services from big names thanks to technology or in favor of a smaller boutique firms so it's not only european banks even goldman sachs is diversify in away from its traditional trade in and of the story routes into retail banking and technology development so a challenging market there for everyone who is in the east joining us from new york

and those are banks problems may have started in earnest when they tried to swim with the big u.s. investment banks but there were plenty of other missteps along the way take a look. which a bank listed in new york in 2001 after decades acquiring european and american banks it was now the world's 4th largest asset manager. josefa aka months did it during the 2004 to 2008 u.s. housing credit bubble a senate investigation said later that deutsche bank had helped fuel the global financial crisis by continuing to sell subprime mortgage packages even as markets collapsed in 2008 the bank lost 3900000000 euros its 1st loss in 50 years come on got it through the financial crisis without needing a government bailout but his reign was marred by several scandals before he finally resigned in 2012. he was replaced by joint c.e.o.'s your good fortune and i'm sure jane 3 years later jain was forced out after u.s. and u.k.

regulators found the bank had been rigging the key libel interest rate deutsche bank was fined more than 2000000000 euros for the scam and fiction went in 2016. british banker john cryan took over but left in 2018 after failing to hold the slump deutsche bank shares have devalued while he was at the helm finally after a mooted merger with germany's number 2 comets bank failed to offer any hope of recovery through synergies current c.e.o. christian saving decided it was time to cut dortch of bank back down to a more modest size. and moving out of europe the game farming industry in south africa has 4 pillars live auctions of game trophy hunting eco tourism and animal products the whole sector is now worth around one and a half $1000000000.00 a year almost half of which comes from that trophy hunting pillar and what critics call the practice crawl and unethical many locals depend on the income and insist

they're doing business in a sustainable fashion. yes but less than 30 minutes until nightfall south african professional hunter tony de braun on his american fly and are looking for a golden will to beast it phil kloppenburg succeeds in killing the animal he will paid professional hunter $6500.00 for it kloppenburg is one of the estimated $8600.00 trophy hunters who visit south africa each year. having in south africa has made more variety of animals much different than what we have in this united states so it's a much different style of hiding in the united states trophy hunting alone generates an estimated 600 $94000000.00 according to a 2018 report by the department of environmental affairs we look for the old. that is not breeding anymore and that's not going to leave the in other words i'm not going to expose the conservation value of brie they've done everything that was

supposed to do on this earth now they're going to america. the game industry in south africa has mushroomed over the past 20 years after legislation was passed in 1901 the permitted the private ownership of game animals. since then the number of private game farms has risen from 3500 in 1902 to over 10000 farms in operation today. well it's the only industry that south africa has a unique comparative advantages in terms of the nature of the species that we farm with as well as the natural biodiversity of south africa being the most. country in the world. it's not all about trophy hunting the industry also depends on eco tourism game auctions and animal products like biltong tasty dried meat snack. healthy.

but i really not. clever it is easy it's next to this it's a really neat kid substituted for a meal is really just a good south african snake. game farmers are now pushing for legislation that will allow them to slaughter game on their farms which wildlife ranching south africa says would exponentially increase production for both domestic and international markets. euro zone finance ministers have welcomed croatia's bid to join the currency block calling its application a sign of confidence in the single currency ministers said zagreb had made progress in banking supervision and governance gracious seeking to join what's commonly known as the euro waiting room it is a period in which countries wishing to join the euro keep their currency fluctuations within certain bounds while their applications reviewed croatia join the e.u. itself in 2013. and that's it for me and the business team i'm

stephen birds of a lead as always find out more about these stories for the dot com plus business let's watch.

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