Financial Business Report: Deutsche Bank To Slash Jobs, Blackstone Loves Tampa

Deutsche Bank AG (NYSE:DB) might eliminate thousands of jobs throughout Germany, says the Süddeutsche Zeitung, as the company is poised to slash 543 jobs in the first wave as it trims its back-office services along with its information tech system. The bank had announced 1,900 job losses in July but indicated that most of those would be abroad.

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The Blackstone Group L.P. (NYSE:BX) continues its plunge into the single-family rental sector with plans to spend approximately $1 billion purchasing some 15,000 homes in Tampa over the next three years. One property manager remarked that, “It’s a land grab unlike anything I’ve ever seen. You’re going to drive through parts of town and all of it is going to be institutionally owned.”

Acting Chief Executive Martin Klein of Genworth Financial, Inc. (NYSE:GNW) says that Moody’s can go ahead and downgrade away, as it’s more costly for the company to defend its investment-grade status, commenting that such a cut won’t alter the firm’s bond spreads, and it’s better for investors to see “what this means… it’s not the end of the world.”

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