|Bid||7.74 x 555100|
|Ask||7.74 x 230000|
|Day's range||7.64 - 7.79|
|52-week range||4.45 - 10.37|
|Beta (5Y monthly)||1.51|
|PE ratio (TTM)||N/A|
|Earnings date||28 Oct 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||24 May 2019|
|1y target est||N/A|
(Bloomberg Opinion) -- The end of the summer holidays and the reopening of schools have sparked a lively debate over the future of remote working. From the U.S. to the U.K., politicians and employers are nudging workers to return to the office even though the pandemic is not over. But these requests put employees in a very awkward place — caught between fearing for their health and fearing for their job.Following two key principles may resolve some of the tension. First, the government should have no say in this decision, so long as states can avoid new lockdowns and with the obvious exception of managing the civil service. Second, it is up to employers, in conjunction with employees, to make the call on returning to the office, and there is no point in forcing it if remote working hasn’t hurt productivity and profitability.The first wave of the pandemic spurred a radical transformation of the work environment, as companies rushed to enable working from home. In recent months, however, officials and managers have started itching to go back to the old routines. The U.K. government considered launching a campaign to encourage the nation to go back to the office, and then shelved it. In the U.S., some executives — most notably Jamie Dimon at JPMorgan Chase & Co. — have also expressed doubts that workers can stay at home for much longer. There are manifold reasons for such concern. Politicians are worried about the economic repercussions for town centers, especially in mega-cities such as London and New York, and for those employed in their restaurants and cafes. They may also fear for the losses accumulating in the public transport network, as the number of passengers remains relatively low. Meanwhile, employers are skeptical about whether productivity can be sustained over protracted periods of remote working. They may also be frustrated at the thought of leasing empty offices, particularly in locations with very high rents.Still, only some of these fears are justified. Politicians should be wary of wading into what is above all a private relationship between employers and employees. If a company believes it can operate effectively while keeping employees at home, does it make sense for the government to get in the way?Of course, local and national governments can make work decisions with regard to the public administration. If they believe strongly that remote working is ineffective, they can bring civil servants back into the office. It’s harder to make a case for telling employees in the private sector what to do.There’s also reason for politicians to be careful: The economic pain for city centers may be an economic gain for residential neighborhoods and suburbs. We hear a lot about the restaurants that are closing around empty office blocks, but less about supermarkets that are hiring new staff elsewhere.Employers face a different calculation. They must assess whether their organizations have managed to operate successfully without face-to-face contact. For some businesses that rely on human interactions, such as shops or restaurants, most that survived will really have no choice but to reopen the workplace.For others, including many companies with a prevalence of white-collar workers, it is a tougher call. Edward Glaeser, an economist at Harvard University, and colleagues recently found that the transition to remote work for U.S. businesses has been uneven, with many becoming less productive. But employees don’t appear to be working less: Raffaella Sadun, an economist at Harvard Business School, and other researchers presented evidence of an increase in the length of the average workday, by nearly an hour, and a short-term increase in workers’ email activity.Companies will need to be mindful about their specific circumstances. If they do plan to recall employees back to the office, they’d be wise to consider the potential problems — the worst being that a worker tests positive for the virus, falls ill and potentially spreads it to coworkers. Even if a company takes all the right precautions, people will need to be quarantined and there will be many questions around contact tracing. JPMorgan is having to face this very problem, after there was a recent positive case reported in its New York City offices.These risks present not only health issues, but can be a serious drag on productivity too. Taking a hit on the renting costs of office space might just be worth it. Deutsche Bank AG has planned to tell its employees in New York City they can work from home until mid-2021. Since we don’t know how long the pandemic will last, we also don’t know how long companies and workers will face this workplace dilemma. For now, it’s best if politicians stay out of the way and employers stay open-minded. The new world of work presents many challenges, but some opportunities too.(Updates chart to reflect weekday data only)This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ferdinando Giugliano writes columns on European economics for Bloomberg Opinion. He is also an economics columnist for La Repubblica and was a member of the editorial board of the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Deutsche Bank AG plans to boost lending to commodity traders in the Middle East, even as other banks back away after a spate of defaults in the industry, to help double the size of its regional business.The German lender, which on Monday appointed Loic Voide and Kees Hoving as co-chief executive officers for the Middle East and Africa, is also targeting bond markets for growth in the region.“In the next five to six years, we would like to double the size of the revenues from what we have today,” Voide said in an interview. “The old Deutsche Bank wanted to be everything to everybody, and we realized in the past few years that’s not sustainable.”Voide, formerly the head of wealth management for the Middle East and Africa, will now also oversee Deutsche’s private bank for the region. Hoving, who previously ran the Netherlands business, will also head corporate banking for the Middle East and Africa. The two replace Jamal Al Kishi, who left Deutsche earlier this year to become deputy group CEO at Bahrain-based Gulf International Bank.Lenders including ABN Amro Bank NV, BNP Paribas SA and Societe Generale SA, have curbed their exposure to commodity traders after a string of collapses and scandals globally. GP Global Group, a United Arab Emirates-based commodities firm, is trying to sell off assets to repay creditors, while several banks have frozen credit lines to Dubai-based oil trader MENA Energy DMCC, according to people familiar with the matter. Despite those troubles, Deutsche spies an opportunity to expand.“As we see other banks exiting certain business, for example commodity finance, then we will be looking to on-board new clients,” Hoving said in the same interview. “We have appetite for commodity finance but always in a very well-managed way.”The bank picks clients that it knows well, and it takes stringent steps to minimize risks in lending to them, he said.Boosting BondsThe German bank also plans to ramp up its business arranging bond sales, Hoving and Voide said. It already participated in some of this year’s largest deals in the region, including Qatar’s $10 billion issuance in April and Abu Dhabi’s $5 billion sale in August. Deutsche has also worked on debt sales for Qatar National Bank and Emirates NBD PJSC and is the seventh-biggest regional bond arranger so far this year.That’s a far cry, however, from its ranking in 2011 to 2014 when it jostled with HSBC Holdings Plc and Standard Chartered Plc to be the Middle East’s top bond underwriter, according to data compiled by Bloomberg.“Now we’re not coming into the office to be number one on any league tables, but we’ll move up as a consequence of doing the job and serving the clients,” Voide said.The current slump in oil prices combined with the economic impact of the coronavirus pandemic has caused governments in the region to issue a flood of new debt. Bond and sukuk sales from the Middle East and North Africa have risen to more than $94 billion so far in 2020 compared with $111 billion for all of last year.Although this borrowing binge is likely to continue, Deutsche must focus on rebuilding relationships with clients in the region after a period of cost-cutting and internal restructuring that aimed at restoring the bank to profitability, Hoving said.“We need to have relationships with the sovereigns, banks and the corporates, and while we do have those relationships, some of them can be strengthened,” he said. “There are clients that we have not given enough attention to over the past few years.”(Adds bond sales details in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
DEADLINE TODAY: The Schall Law Firm Announces it is Investigating Claims Against Deutsche Bank Aktiengesellschaft