Weekly Global News Wrap Up: Deutsche Bank reportedly eyeing to cut 20,000 jobs: EU banks short of $153b to meet capital requirements by 2027

and Austrian banks survive government's staged cyberattacks.

From Bloomberg:

Deutsche Bank is considering slashing headcount by more than a fifth in what’s shaping up to be its biggest makeover in years, two people familiar with the matter said. The lender under CEO Christian Sewing may decide to cut as many as 20,000 jobs when he presents his latest restructuring plan.

“Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability,” a spokeswoman said by email. “We will update all stakeholders if and when required.”

From Reuters:

Major European Union banks may need to use profits to raise their capital by at least 24.4% in order to meet the global capital requirements by 2027 as they are still facing a collective shortfall of $153b (EUR135b), the European Banking Authority said.

The EBA is finalizing recommendations for the EU on meeting requirements for the Basel III accord, due to be fully implemented by 2027, two decades after the global financial crisis forced taxpayers to bail out many EU banks. Basel III is an internationally agreed set of measures to strengthen regulation, supervision and risk management of banks.

From Bloomberg:

Austrian banks were found to be “by and large” well prepared to defend themselves from hacker attacks after the country’s financial regulator staged its first cyber war game.

The one-day exercise consisted of 170 fake attacks launched by 100 experts, testing the defense of banks, technology providers and public authorities, financial regulator FMA and the central bank said in a statement. The scenarios included blackmail attempts helped by malicious software, attacks that targeted system software and online banking apps as well as the shutdown of ATMs and websites.