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Deutsche Bank announced plans to eliminate 35,000 jobs from its payroll over the next two years as part of a sweeping overhaul under new co-Chief Executive John Cryan.
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via Finn Jackson :
When even Deutsche Bank is cutting 35% of its staff, something big is happening.
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It implies the system itself has reached its limits, and no further growth is possible within the current paradigm. Interest rates are already approximately zero and "Quantitative Easing" has pumped vast amounts of new money into the economy. But it plainly isn't working because even Deutsche Bank is making massive losses...
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When this happens it is no longer good enough to say "65,000 of you will continue to have well paid jobs, 35,000 of you will have zero." Because tomorrow the statement will be "50,000 of you will continue to have well paid jobs and 50,000 will have zero." And then 40,000, 30,000, 20, 10.
The system itself is broken, and we can't make everybody redundant. We have to build a new system.
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We need to build a new system where "Nobody gets everything until everybody gets something." Or "Nobody gets a Porsche until everybody has a bicycle."
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When the system itself has reached its limits, a new system has to emerge: one that rebuilds from the ground up and becomes more stable over time, not less; one that starts from a wide and firm foundation.