Deutsche gets Bankers Trust for $10 billion

Article Abstract:

A series of events dating back to September 1994 led up to the purchase of Bankers Trust Corp. by Deutsche Bank AG for $10 billion. Now the German-owned bank will cut jobs, mostly in London and New York, reducing a workforce of over 20,000 in the two cities by 5,500 jobs. Chairman Rolf-Ernst Breuer minced no words at the announcement; a clash of cultures is not his concern.

United States, Commercial Banks, Commercial Banking, Acquisitions & mergers, Labor force information, Banking industry, Deutsche Bank AG, Bankers Trust Corp., BT

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Siemens to sell big units in bid to shore up profitability

Article Abstract:

Munich, Germany-based Siemens A.G. has dragged its feet about closing units or selling unprofitable businesses until now. It will sell its semiconductor business, copper cable business, electronic components and locomotives. Employees of the companies to be sold total about 60,000.

Other Electrical Equipment and Component Manufacturing, Electronics, Electronic Components and Accessories, Computer industry, Siemens AG, Semiconductors

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