Deutsche Bank revealed details of a long-awaited 7.4bn euros ($8.3bn) restructuring plan. Its investment-banking division will bear the brunt. The troubled lender will close its global equity-trading unit and cut 18,000 people from its 91,500 workforce. It will also create a “bad bank” to house unwanted assets. Christian Sewing, Deutsche Bank’s chief executive, hopes the move will cut costs by $6bn a year. Analysts responded to the restructuring by saying it was long overdue.
Turkey’s President Recep Tayyip Erdogan sacked Murat Cetinkaya, the governor of the country’s central bank, and suggested that the institution needs an overhaul. Mr Cetinkaya was apparently ousted for refusing the president’s request to lower interest rates. Mr Erdogan seemingly wants greater control of monetary policy, a stance that has previously contributed to runs on the Turkish lira.
Britain’s Information Commissioner’s Office, a data-privacy regulator, said it would fine British Airways (BA) 183m pounds ($230m) over a data breach last summer. In June 2018 criminals hacked into BA’s website and stole personal data, including the names, addresses and credit-card details of around 500,000 customers. It was the first fine Britain handed out under the EU’s new General Data Protection Regulation, which greatly increased the size of potential penalties. The second came the next day, when Marriott, a hotel group, was told it would be fined 99m pounds for a data breach discovered last year. Both ba and Marriott said they would contest their penalties.
Virgin Galactic said that it was planning an initial public offering. The firm, which hopes to take its first paying passengers into space early next year, could be valued at $1.5bn. Negotiations over a $1bn investment from Saudi Arabia’s sovereign-wealth fund were ended last year after the murder of Jamal Khashoggi, a journalist, by Saudi operatives in Istanbul.