Weekly Global News Wrap: Turnarounds plunge Deutsche Bank to $6b loss; Goldman Sachs plans to offer loans on Amazon

And Morgan Stanley pledges $20m for children’s mental health programs.

From Reuters: 

Deutsche Bank plunges to a bigger than expected $6b loss last year, its fifth year in a row, as the cost of its latest turnaround attempt hit earnings.

The latest effort, under CEO Christian Sewing, is a $81.b (EUR7.4b) drive to axe 18,000 jobs, tighten its investment bank and focus on corporate and private banking. But its efforts are being hindered by a faltering global economy and ultra-low eurozone interest rates.

Misconduct scandals, a failed attempt to take on Wall Street heavyweights and an aborted merger with Commerzbank mean Germany’s biggest bank is still in recovery mode more than a decade after the global financial crisis.

From CNBC: 

Goldman Sachs is in talks with e-commerce giant Amazon to offer small business loans on the latter’s platform, according to a source briefed on the matter.

The bank has been working on software that would allow it to plug into Amazon’s existing loan platform.

The deal, if closed, would mark the second tech giant using Goldman as a back-end provider of bank-regulated services. The bank helped Apple launch its first iPhone-integrated credit card last year, resulting in about $2 billion in loans as of the end of last year.

From Reuters:

Morgan Stanley will donate $20m to seven nonprofit groups working to prevent youth suicide and address children’s mental health problems.

The Morgan Stanley Alliance for Children’s Mental Health will recruit other donors to help fund the expansion of the groups in the United States, Britain, and Hong Kong.

The bank’s grants will substantially increase funding for the Jed Foundation, a US group that works to combat teen suicide, and the Steve Foundation, which promotes mental health and emotional well-being for students of color.

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