By Matt Egan, CNN Business Updated 0916 GMT (1716 HKT) July 29, 2019 Chat with us in Facebook Messenger. Find out what’s happening in the world as it unfolds. New York (CNN Business)Deutsche Bank, once a superstar in Europe, is now a disaster. Germany’s biggest lender is rapidly slashing jobs, it’s losing a ton of money and the stock is trading near all-time lows. Many of Deutsche Bank’s problems are self-inflicted. It’s been badly mismanaged. Deutsche Bank (DB) never fully cleaned up its crisis-era balance sheet. Restructuring efforts fell short. And its countless legal black eyes haven’t helped matters. But Deutsche Bank’s struggles have also been amplified by something the 149-year-old lender never imagined, mostly because it had never happened before in modern history: negative interest rates. In 2014, the European Central Bank wanted to boost the sluggish economy but interest rates were already at zero. The unconventional decision to take them into negative territory was aimed at encouraging growth and avoiding deflation, but it meant banks were charged a fee for parking their reserves with the central bank. Read More The ECB’s extreme policies may have injected some life into Europe’s sleepy economy, in turn giving Deutsche Bank and… Read full this story
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