Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<br /> India’ second largest IT services company <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> has inked a multi-million euro deal with <keyword id="6357341" type="CITY" weightage="80" keywordseo="Deutsche-Bank">Deutsche Bank</keyword>. <br /><br />

	As per the agreement, the Bengaluru-based firm is going to provide services like development, application maintenance, digital and mobility, package implementation package implementation and testing services to the Deutsche Bank, PTI reported, citing a statement by Infosys today. 
<br /><br /> <keyword id="138476" type="UNKNOWN" weightage="80" keywordseo="Mohit-Joshi">Mohit Joshi</keyword>, Infosys executive vice-president and global head financial services, said: "We look forward to further strengthening our relationship with Deutsche Bank and supporting the bank achieve its goals." <br /><br />

	Infosys will also be a strategic partner under Deutsche Bank's Supplier Partnership Programme, the statement said.  
<br /><br />

	The programme was launched in June 2014 to concentrate the most strategic vendors based on business impact across all categories of the bank. 
<br /><br /> <keyword id="2939613" type="UNKNOWN" weightage="60" keywordseo="Kim-Hammonds">Kim Hammonds</keyword>, Deutsche Bank global chief information officer, said: "The bank is committed to apply innovative technology to enhance its efficiency and services to clients. Working with Infosys will help the bank achieve these goals."<br />
	<br />
	(Image: Indiatimes)

Infosys inks multi-million euro deal with Deutsche Bank

<ul class="summary-list"><li>Model Ireland Baldwin showed off her shaved head in an Instagram selfie on Saturday.</li><li>"Don't tell me I won't do something because I will," Baldwin captioned the post.</li></ul><p><a href="https://www.insider.com/baldwin-brothers-daughters-2018-7">Model Ireland Baldwin</a>, daughter of actors <a href="https://www.insider.com/ireland-baldwin-anxiety-alec-baldwin-kim-basinger-divorce-red-table-talk-2022-4">Alec Baldwin and Kim Basinger</a>, showed off her new look in an Instagram post on Saturday.</p><p>The model cut off her long red locks and bleached her newly buzzed hair which she debuted to her followers. "Do things that scare you. Do things that other people say you'll never do," Baldwin captioned the photo on her Instagram Stories.</p><p>Baldwin opened up about her hair journey in her Instagram Stories, writing "My hair was destroyed by years of bleach and modeling and bullshit since I was 17. It's long overdue for a restart/refresh. I've always wanted to do this, but I was always scared. Now that I don't care about what other people thing, I feel more beautiful than ever." </p><div type="image" title="Ireland Baldwin takes a selfie to celebrate her shaved head." height="2238" width="1284" msid="93696626" hostid="261"></div><p>At the bottom of the picture, she added "GI Jane/Evey Hammond level unlocked," making a reference to iconic bald female characters in pop culture. </p><p>As a farewell to her tinted locks, Baldwin wrote "Bye red villain era … We will miss you," in a second Instagram Story.  </p><p>Basinger commented on her daughter's post with words of support and encouragement. "This is my baby … Don't tell her not to do something ... because she will … I'm a witness to that and have been for many years … Simply beautiful," the actress wrote alongside many applause emojis. </p><div type="image" title="Ireland Baldwin bleaches hair before shaving it off." height="2229" width="1284" msid="93696627" hostid="261"></div><p>Baldwin's hair stylist, <a href="https://www.instagram.com/hairmettle/">Hannah Bonetti</a>, was also tagged in her daring Instagram post. Bonetti shared a video of the process on their own page as well. In the footage, Baldwin grabs the razor and shaves a few strands of hair off herself. Bonetti wrote in the caption, "We were planning on a big change (like, bangs), but neither one of us knew our session would end in a transformation of this magnitude." </p><p>The hairstylist went on to express her gratitude for Ireland and commend her "radical" moment. </p><p>"Grateful to have clients who bring all of themselves into my chair and trust me with moments as radical as this. Today was a celebration of shedding that which no longer serves us," Bonetti continued. </p><p>Baldwin is known for her candor and transparency on Instagram. In March, <a href="https://www.insider.com/ireland-baldwin-shares-candid-photo-after-suffering-an-anxiety-attack-2022-3">she shared images of herself</a> having an anxiety attack on her page, citing coffee as the trigger. </p>

Ireland Baldwin ditched her red hair for a bleached blonde buzz cut in 'radical' new look

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIX7QLTDX&amp;SMLS=1&amp;RW=1567&amp;RH=886#/SearchResult&amp;VBID=2C0FCIX7QLTDX&amp;SMLS=1&amp;RW=1567&amp;RH=886&amp;POPUPPN=14&amp;POPUPIID=2C0BF1OH68MWS">REUTERS/Kai Pfaffenbach</a></span></p><p class="caption">Deutsche Bank CEO John Cryan</p></div><p></p></div></div></strong></p><ul><li><strong>Deutsche Bank COO Kim Hammonds told a conference that the bank is the "most dysfunctional" company she has ever worked for.</strong></li><li><strong>Hammonds made the comments at an internal managerial conference.</strong></li><li><strong>Her comments come as it is reported that chairman, Paul Achleitner is preparing to oust CEO John Cryan after a clash over strategy.</strong></li></ul><p><br />A top Deutsche Bank executive has described the bank as "<span>most dysfunctional" company she has ever worked for, amid rumours that chairman Paul Achleitner is preparing to oust CEO John Cryan.</span></p><p><span>According to a German language report from the Frankfurter Allgemeine Zeitung, Deutsche's COO Kim Hammonds - who was previously global chief information officer at Boeing, and has held senior positions at both Ford and Dell - made the comments at a management conference in Germany.</span></p><p><span>Hammonds did not deny making the comments, <a href="https://global.handelsblatt.com/finance/top-exec-deutsche-bank-dysfunctional-903747">according to the Handelsblatt newspaper, </a>but said they were made at an "internal, confidential managerial conference." A spokesman for Deutsche Bank didn't immediately respond to a request for comment.</span></p><p><span>"The situation at Deutsche Bank is vastly more complex [than anywhere else], which isn't really surprising. We're a global bank in a difficult transformation," she added.</span></p><p><span>Deutsche Bank is in the midst of a major overhaul, spearheaded by John Cryan as it looks to end years of lacklustre performance.</span></p><p><span>The bank has sought to trim costs after reporting its third consecutive annual loss, <a href="http://uk.businessinsider.com/deutsche-bank-shares-feb-2-2018-2">losing almost half a billion euros in 2017</a>. Germany's largest lender is also seeking to cut as many as 500 jobs from its investment bank, it was reported in February.</span></p><p><span><a href="https://www.thetimes.co.uk/article/deutsche-prepares-to-oust-cryan-wkh989mwm">Separately, The Times </a></span>reported that Deutsche Bank's c<span>hairman, Paul Achleitner, is preparing to oust CEO Cryan, and that the bank has started approaching possible candidates to replace Cryan after he and Achleitner clashed over strategy. </span></p><p><span>Cryan was brought in to Deutsche Bank in 2015 to spearhead a turnaround problem, but is believed to have faced resistance to the pace of change he wants to implement. "It is quite clear the relationship is broken between the chief executive and the chairman," an unnamed source told The Times.</span></p><p><span>The Times lists Goldman Sachs' London-based international CEO Richard Gnodde, Standard Chartered boss Bill Winters, and Jean Pierre Mustier, the head of Italy's biggest bank Unicredit, as possible replacements for Cryan. </span></p><p><span>Gnodde is said to have been approached by Deutsche Bank already, but is believed to have turned down the advances. </span></p><p><span>Both Deutsche Bank and Goldman Sachs declined to comment on The Times' reports when approached by various news organisations.</span></p><p><span>Deutsche's current co-head of corporate and investment banking, Marcus Schenck, is also said to be seen as a possible internal replacement for Cryan. Last week Schenck told a conference in London <a href="http://uk.businessinsider.com/deutsche-banks-marcus-schenck-on-the-future-of-banking-2018-3">that bank accounts as we know them now could disappear in as little as five years.</a></span></p><p class="tagline">Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/trade-war-intelligent-investing-economic-growth-companies-tech-2018-3">Trade war fears are escalating - here's who has the most to lose</a></h3>        <div>                    </div>    </div>

REPORT: 'Dysfunctional' Deutsche Bank is preparing to oust CEO John Cryan

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Theresa May</p></div><p></p></div></div></p><p>LONDON - Theresa May has narrowly defeated an effort by pro-EU MPs to keep Britain in a customs union with the European Union after Brexit.</p><p>The House of Commons voted against an amendment to the Trade Bill which would have forced the prime minister to pursue a full customs union with the EU if she has failed to secure frictionless trade by January 2019.  </p><p>The amendment, tabled by pro-EU Conservative MPs Stephen Hammond and Nicky Morgan, was defeated by 307 votes to 301.</p><p>The result will come as a huge relief to the prime minister amid pressure from pro-Brexit MPs not to soften her position on Britain's departure from the EU.</p><p>Around 40 Tory MPs have reportedly already submitted a letter to the party leadership calling for a vote of no confidence. A vote of no confidence will be held if 48 or more are submitted.</p><p>However, the government was defeated on an amendment to keep Britain in the European Medicines Agency - the EU agency covering medicine - by 305 votes to 301.</p><p>This latest Commons vote on Brexit followed <a href="http://uk.businessinsider.com/theresa-may-brexit-customs-vote-explainer-2018-7" target="_blank" rel="noopener">chaos in Westminster on Monday</a> when May was forced to ditch her own Brexit policy in order to avoid a defeat at the hands of pro-Leave MPs led by the backbencher Jacob Rees-Mogg. </p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/north-korean-defector-calls-out-kim-jong-un-terrorist-singapore-summit-2018-6">North Korean defector: Kim Jong Un 'is a terrorist'</a></h3>        <div>                    </div>    </div>

Theresa May avoids major Brexit defeat on customs union amendment

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Wikimedia Commons</span></p></div><p></p></div></div>When you pay $6 billion (£3.9 billion) by accident, it's time to admit your technology and operational controls aren't up to scratch.</span></p><p><span>Such is the case with Deutsche Bank, <a href="http://www.ft.com/cms/s/0/0546944a-7682-11e5-a95a-27d368e1ddf7.html#axzz3p5i6oVrl">which mistakenly paid the money</a> to a hedge fund client in a so-called "fat finger" trade in June when junior staff put in too many zeros on a transaction, according to a report in the Financial Times.</span></p><p><span>The bank's new CEO, John Cryan, might have given a knowing nod towards the screw up in a memo to staff in July (emphasis ours): </span></p><p style="padding-left: 30px;"><span>"Our cost base is swollen by<strong> poor and ineffective processes,</strong> antiquated and inadequate technology, too many tasks being completed using manual labour and, too frequently, unsuccessful investments in our infrastructure."</span></p><p><span>These were not empty words from Cryan. In his revamp of the bank, <a href="http://uk.businessinsider.com/deutsche-bank-is-changing-investment-banking-leadership-2015-10">announced on Sunday</a>, Cryan shook up the area of Deutsche Bank that's responsible for making sure these mistakes don't happen. He promoted  Kim Hammonds, a technology specialist.</span></p><p><span>Here's the statement:</span></p><p style="padding-left: 30px;">Kim Hammonds, currently Global Chief Information Officer and Co-Head of Group Technology &amp; Operations at Deutsche Bank and formerly Chief Information Officer of Boeing, will become Chief Operating Officer. She will oversee the re-engineering of the Bank's information technology  systems and operations. To acquire the relevant experience in credit assessment in accordance with the German Banking Act, Hammonds will start her role as General Manager at the beginning of next year. She is expected to join the Management Board in no later than one year.</p><p>This is an important move. Analysts from JP Morgan said in a note that "t<span>he appointment of Kim Hammonds as new COO is a key appointment in the restructuring case of DB."</span></p><p>A bank's operational risk department is supposed to catch problems such as rogue traders and mistaken transactions before they become a problem.</p><p>By putting a Hammonds in charge, Cryan will be hoping the bank has the right technology for this in future. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/survive-elevator-crash-fall-2015-9">How to make it out of a free-falling elevator alive</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5kc2pucTqDfClqh9g4NEAb6oI_u4JKr4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Deutsche Bank has a technology problem

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Deutsche Bank new Chief Executive John Cryan addresses a news conference in Frankfurt October 29, 2015.</p></div><p></p></div></div></p><p>Deutsche Bank is creating a new top management post to oversee the bank's technology, as part of new CEO John Cryan's battle to bring the struggling bank under control.</p><p>Germany's biggest lender has hired Pascal Boillat, currently head of operations and technology for US mortgage company Fannie Mae.</p><p>Boillat will be chief information officer and head of operations for corporate and investment banking.</p><p>It's a newly created role, based in New York until the end of 2016. He will then move to London, according to an emailed statement from Deutsche Bank.</p><p>Boillat will report to Kim Hammonds, Deutsche Bank's chief operations officer.</p><p>Hammonds said: "Pascal's technical expertise and experience of implementing change across large teams will further strengthen our technology and operations leadership."</p><p>The bank's new CEO, John Cryan, has been focusing on improving the lender outdated processes as part of his overhaul of management. He highlighted the problem as far back as a memo to staff in July (emphasis ours):</p><p style="padding-left: 30px;">Our cost base is swollen by<strong> poor and ineffective processes,</strong> antiquated and inadequate technology, too many tasks being completed using manual labour and, too frequently, unsuccessful investments in our infrastructure.</p><p>It's something the bank dearly needs.</p><p>Deutsche Bank <a href="https://next.ft.com/content/0546944a-7682-11e5-a95a-27d368e1ddf7#axzz3p5i6oVrl">mistakenly paid $6 billion (£4 billion) </a><a href="https://next.ft.com/content/0546944a-7682-11e5-a95a-27d368e1ddf7#axzz3p5i6oVrl">to a hedge fund client</a> in a so-called "fat finger" trade in June when junior staff put in too many zeros on a transaction, according to a report in the Financial Times earlier this year.</p><p>Luckily for Deutsche Bank, the client paid the money back.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/survive-elevator-crash-fall-2015-9">How to make it out of a free-falling elevator alive</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5kc2pucTqDfClqh9g4NEAb6oI_u4JKr4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Deutsche Bank is trying to fix its technology problem with a new hire

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS</span></p><p class="caption">Boris Johnson, a leadership candidate for Britain's Conservative Party, attends a hustings event in Wyboston, Britain July 13, 2019.</p></div><p></p></div></div></p><ul class="summary-list"><li>Britain will have a new prime minister at the end of this month after Conservative Party members elect a new leader to replace Theresa May.</li><li>Former Foreign Secretary Boris Johnson is the current overwhelming favourite to win the contest, ahead of his successor Jeremy Hunt.</li><li>Whoever wins will have a large in-tray of problems to deal with as Britain rapidly heads towards its latest deadline for leaving the EU on October 31.</li><li>Here are the 5 biggest problems facing Britain's next prime minister.</li></ul><h2>1. Renegotiating Brexit </h2><p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div></p><p>The most pressing issue facing Britain's next prime minister is the one that brought down Theresa May: Brexit.</p><p>Both candidates have pledged to renegotiate the Brexit deal that Theresa May agreed with the EU.</p><p>Johnson has said that he is confident of securing a new agreement. However, doing so will be incredibly difficult.</p><p>The EU's chief Brexit negotiator Michel Barnier has repeatedly said the withdrawal agreement will not be renegotiated, and Theresa May's own attempts to tweak the agreement earlier this year were mostly unsuccessful.</p><p>Some Conservative members of parliament believe the problem was May herself.</p><p>"May never really tried to renegotiate the deal," one senior Brexiteer told Business Insider.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS</span></p><p class="caption">French President Emmanuel Macron and German Chancellor Angel Merkel meet on the sidelines of an EU summit in Brussels, Belgium on March 21, 2019.</p></div><p></p></div></div></p><p>For his own part Johnson has insisted that he will "look into the eyes" of EU negotiators and use the threat of leaving without a deal to force them into a new agreement.</p><p>However, others are more sceptical.</p><p>One Conservative MP who visited representatives of EU member states in Brussels last month told Business Insider that "not a single one indicated any likelihood of the withdrawal agreement being opened."</p><h2>2. Preparing for a no-deal Brexit</h2><p><div class="KonaFilter image-container float_left"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>Because of this, the prospect of a no-deal Brexit is growing significantly, with Johnson insisting that he will take Britain out of the EU on October 31 "do or die."</p><p>The Former Foreign Secretary said that Britain must prepare to leave the EU without a deal, both as a practical necessity, but also as a negotiating tactic.</p><p>However, preparing for a no-deal Brexit will be very difficult, both logistically and politically.</p><p>As Business Insider <a href="https://www.businessinsider.com/no-deal-brexit-uncertainty-forces-uk-companies-to-plan-factory-shutdowns-2019-6?r=US&amp;IR=T">revealed earlier this year</a>, much of the warehouse space needed to prepare for a no-deal is no longer available.</p><p>The government departments in charge of Brexit preparations have also suffered an exodus of senior staff members in recent months.</p><p>Joe Owen from the Institute For Government think tank told Business Insider that the next prime minister will "come in and quickly realise the big risk is that we'll be less ready in October than we were in March."</p><p>Businesses could be reluctant to prepare again for no-deal after it was twice averted earlier this year.</p><p>"They've seen government cry wolf twice before," Owen told Business Insider.</p><p>"They'll be seeing Boris saying the odds of no deal are a million to one against and MPs saying they want to stop no deal - that's the stuff that will stick," Owen said.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Chris Radburn</span></p><p class="caption">A general view of shipping containers seen from the bridge of the AAL Kobe cargo ship docked at Felixstowe Port in Britain. A no-deal Brexit could create chaos for importing an exporting goods.</p></div><p></p></div></div></p><p>"They are saying 'we've been here before and it didn't happen, why would we spend money again doing it?</p><p>It is also difficult to see how Britain's next prime minister could secure enough support from parliament to allow a no-deal Brexit.</p><p>Rebel Conservative MPs are drawing up plans to team up with the opposition Labour party in October to prevent a no-deal, with a small handful indicating that they would be willing to take the extreme measure of voting to bring down their own government in order to prevent a no-deal.</p><p>Johnson could ultimately opt to suspend parliament, in order to force through Brexit. However, doing so would be politically explosive and he has so far insisted he would be very reluctant to do so.</p><p>John Bercow, the House of Commons speaker, has also said that he would attempt to block such a course of action, saying last month the idea that parliament could be sidelined was "for the birds."</p><p>"The idea that parliament is going to … be evacuated from the center-stage of the debate on Brexit is unimaginable. It is simply unimaginable," he told MPs.</p><h2>3. Getting ready for a general election</h2><p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>The British Parliament has repeatedly voted against either leaving the EU with a deal, or leaving the EU without a deal.  </p><p>Given both Hunt and Johnson have promised to deliver Brexit no matter what, they may ultimately have little choice but to go back to the country and hold a general election.</p><p>Conservative MPs really, really don't want to do that however. The party is currently experiencing historic lows in the opinion polls and came in a disastrous fourth place in the recent European Parliament elections.</p><p>With so many voters who backed them at the last election fleeing to the Brexit Party and the Liberal Democrats, almost no Conservative MPs are keen to rush into another vote.</p><p>"We've only been in parliament for two years," one Conservative MP who was elected for the first time in 2017, told Business Insider.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Toby Melville Britain's Chancellor of the Exchequer Philip Hammond stands outside 11 Downing Street before he delivers his budget statement in the House of Commons in London, Britain, October 29, 2018. REUTERS/Henry Nicholls</span></p><p class="caption">Britain's opposition Labour Party leader Jeremy Corbyn has said that Britain needs a General Election to decide the country's future.</p></div><p></p></div></div></p><p>"We want to fix Brexit first. The last snap general election didn't work out too well."</p><p>Another Conservative MP said an election would only happen if parliament brought a no-confidence vote against the next prime minister in order to prevent a no-deal Brexit. </p><p>Forced to choose between the risks of a chaotic Brexit or a general election, parliament may ultimately choose the latter.</p><p>"The only reason an election will happen soon is if the government falls," said the MP. "We cannot go to the electorate as a matter of choice before that."</p><p>Aside from low levels of support, a snap election would also present challenges for candidate selection and funding, especially as many donors have deserted the party over its failure to deliver on Brexit.</p><p>Johnson, for his part, has denied that he plans to call an election. "It would be absolutely crazy for any of us to think of going to the country and calling a general election before we get Brexit done," he said at a leadership hustings in June, insisting that parliament could agree on a deal.</p><p>However, it was <a href="https://www.businessinsider.com/boris-johnson-plans-snap-general-election-to-beat-jeremy-corbyn-2019-7?r=US&amp;IR=T">reported this week</a> that Johnson's allies are preparing for an early election.</p><p>"You will need to get the party in fighting shape as early as possible," one campaign figure told The Times newspaper. "One of the reasons for the lack of success in 2017 was a lack of preparation. You need to pull things together."</p><p>And if the Conservative party experiences a surge in the polls following Johnson's election, the temptation to go back to the country could be too much to resist.</p><h2>4. Opening Britain's purse-strings</h2><p><div class="KonaFilter image-container float_left"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>When May first became prime minister, she pledged to tackle "burning injustices" in the country such as income inequality, the lack of affordable housing and the crisis in social care.</p><p>However, instead of dealing with these issues, her premiership has been entirely dominated by Brexit, with little significant domestic legacy to speak of.</p><p>Both Johnson and Hunt are determined not to make the same mistake and have announced a range of bold, and expensive, domestic policies.</p><p>Johnson has promised to cut tax for high earners, do away with tax on sugar-sweetened drinks, and put 20,000 additional police officers on the streets by 2020. </p><p>Hunt meanwhile has said he will slash corporation tax from 19% to around 12.5%, increase spending on defence, and award tax breaks to people who care for elderly relatives.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Henry Nicholls</span></p><p class="caption">Britain's Chancellor of the Exchequer Philip Hammond stands outside 11 Downing Street before he delivers his budget statement in the House of Commons in London, Britain, October 29, 2018.</p></div><p></p></div></div></p><p>This string of expensive pledges has led to both coming under fire from across the political spectrum for making unrealistic spending promises.</p><p>Chancellor Philip Hammond warned that the damage caused by a no-deal Brexit would leave no money to pay for such pledges, with the independent spending watchdog, the Institute for Fiscal Studies, also criticising the plans.</p><p>Passing such plans through parliament would also be difficult, given that the Conservative government currently has a tiny working majority of just five MPs.</p><p>As a result there will almost certainly be a sizeable gulf between the next prime minister's campaign promises, and what they actually achieve once in power. </p><p>"What you're going to see is a lot of bold policies but less than bold legislation," one former Conservative Cabinet minister told Business Insider.</p><h2>5. Dealing with Trump</h2><p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>Both Johnson and Hunt have significant experience as Foreign Secretary dealing with President Trump and appear to have a decent personal relationship with him.</p><p>During his recent state visit to the UK, <a href="https://www.businessinsider.com/donald-trump-praises-boris-johnson-and-nigel-farage-ahead-of-uk-visit-2019-5?r=US&amp;IR=T">Trump praised both men.</a></p><p>Comparing them favourably to May, Trump tweeted in early July that it was "good" that Britain would soon be getting a new prime minister after the "mess" that May has made of Brexit.</p><p>Johnson has also praised Trump, insisting that the president has "many, many good qualities," and "talks sense." </p><p>The former Foreign Secretary is expected to make an early trip to the US should he become prime minister.</p><p>However, Trump is highly unpredictable. His <a href="https://www.businessinsider.com/trump-calls-theresa-may-foolish-and-her-ambassador-to-us-a-very-stupid-guy-2019-7?r=US&amp;IR=T">recent attacks both on May and her ambassador</a> to the US Kim Darroch, have strained relations between the two countries and created a serious diplomatic crisis.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Kevin Lamarque/File Photo</span></p><p class="caption">U.S. President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019.</p></div><p></p></div></div></p><p>On other foreign policy issues, the two countries are also at odds. The UK was at the forefront of efforts to bring Iran back into the <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">international</keyword> community through the Iranian nuclear deal, whereas Trump has been instrumental in dismantling that agreement. </p><p>Both Johnson and Hunt have also made securing a trade deal with US, a key part of their post-Brexit plans. </p><p>However, any such deal would be hugely controversial, given that it would likely include provisions on food standards and the NHS</p><p>During his recent state visit <a href="https://www.businessinsider.com/donald-trump-says-nhs-must-be-on-the-table-in-brexit-trade-deal-with-uk-2019-6?r=US&amp;IR=T">Trump insisted</a> that the NHS must be "on the table" in talks, before later backtracking.</p><p>Whatever happens, managing Britain's relationship with Trump's White House will form a major part of the early days of any incoming prime minister.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/america-is-the-land-of-opportunity-robert-herjavec-2016-3">'Shark Tank' star Robert Herjavec explains what makes America great</a></h3>        <div>                    </div>    </div>

The 5 big problems Britain's next prime minister will have to deal with on his first day

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Carl Court / Staff</span></p><p class="caption">Tory MP Michael Gove.</p></div><p></p></div></div>LONDON - Former Tory leadership candidate Michael Gove says predictions made relating to how Brexit will impact the economy are being made by experts who have a track record of getting things wrong. </p><p>The Surrey Heath MP and former cabinet minister was interviewed for <a href="http://www.bbc.co.uk/programmes/b0080bbs" target="_blank">the BBC's Andrew Marr show on Sunday</a> in the same week that Chancellor Philip Hammond announced some bleak economic projections for Brexit Britain.</p><p><a href="http://uk.businessinsider.com/philip-hammond-autumn-statement-brexit-2016-11" target="_blank">In his Autumn Statement</a>, Hammond relayed warnings from the Office for Budget Responsibility (ORB) that growth is set to slow during this parliament as a result of Brexit uncertainty, costing Britain an additional £58.7 billion.</p><p>However, Gove has joined a long list of Brexiteers who have called the accuracy of the OBR's work into question, suggesting economic experts have a clear record of making false predictions in recent years.</p><p>"For me, it felt like Deja Vu all over again," Gove told Marr. "I remember during the referendum campaign we had a litany of warnings... The reality is that actually over the course of the last few weeks we've had a good news."</p><p><a href="http://uk.businessinsider.com/brexit-mps-attack-obr-forecasts-autumn-statement-philip-hammond-2016-11" target="_blank">Earlier this week</a>, Tory MP Iain Duncan Smith said the OBR's prediction was "another utter doom and gloom scenario" published by an organisation "that simply hasn't got anything right." Philip Davis MP accused the body of basing its projections on political preference rather than fact.</p><p>Gove, who since failing in his bid to succeed David Cameron has written numerous columns for The Times, told Marr that the OBR's work shouldn't be taken too seriously as it was produced by experts whose profession is in crisis.</p><p>"The chancellor and the prime minister are right to respect the independence of the OBR but also to take it with a pinch of salt," he said. "Because there's a challenge here, not so much for the government, as for many of those who were so heavily invested in what became known as project fear.</p><p>"Economists overall have to recognise that their profession is in crisis. The economics profession failed to predict the 2008 financial crash. In the past economics argued that we should enter the single currency and were proven wrong and as a profession they were proven wrong by the impact of Britain voting to leave the European Union.</p><p>Asked whether he would apologise to economic experts at the OBR if his doubts prove to be false, Gove said: "I've always been ready to apologise for mistakes I've made after a period of reflection but I'm radically sceptical about the claims that have been made."</p><p>In the same interview, Gove said Britain should leave both the European Single Market and customs union as part of the Brexit process. He also said that he is "open" to the idea of a transitional deal, which its advocates say would provide stability in the period between Article 50 expiring and Britain finalising a trade deal with the 28-nation bloc.</p><p>Asked whether Theresa May should consider employing Nigel Farage as a go-between to help relations with Donald Trump's USA, Gove said the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s current ambassador to the US Sir Kim Darroch is a "fantastic man" who should be left to do his job. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/boris-johnson-funny-eu-referendum-brexit-conservative-2016-6">Boris Johnson's clumsiest moments</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="twdmVnNDE6HWwQa7yeDabjr9zB9zCOzs" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Michael Gove says he is 'radically sceptical' about the bleak Brexit forecasts made by economists

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty Images</span></p><p class="caption">Newly sworn in as secretary of state, Rex Tillerson shakes hands with Vice President Mike Pence.</p></div><p></p></div></div>Vice President Mike Pence denied reports that he convinced Secretary of State Rex Tillerson to remain in the administration following <a href="http://www.businessinsider.com/tillerson-trump-moron-resigning-press-conference-2017-10">an impromptu Wednesday morning press briefing</a> in which Tillerson also denied the reports.</p><p>"At no time did he and the Secretary ever discuss the prospect of the Secretary's resignation from the administration," Pence's deputy chief of staff Jarrod Agen <a href="https://twitter.com/VPComDir/status/915609442263105538">said of Pence in a Wednesday statement</a>. "Any reporting to the contrary is categorically false."</p><p>Agen also denied the veracity of <a href="https://www.nbcnews.com/politics/white-house/tillerson-s-fury-trump-required-intervention-pence-n806451">a claim made by Tillerson's top spokesman</a>, R.C. Hammond, <a href="https://www.nbcnews.com/politics/white-house/tillerson-s-fury-trump-required-intervention-pence-n806451">to NBC News</a> that Pence had questioned the value of UN Ambassador Nikki Haley's contributions to the administration.</p><p>"The Vice President has known Ambassador Nikki Haley for many years, holds her in the highest regard, and appreciates her strong service to this administration at the United Nations," Agen said.</p><p>During an impromptu press briefing on Wednesday, Tillerson denied <a href="http://www.businessinsider.com/rex-tillerson-donald-trump-moron-is-secretary-of-state-resigning-2017-10">recent reports</a> that he had ever considered leaving the administration and that Pence had urged him to remain.</p><p>"The vice president has never had to persuade me to stay as secretary of state because I have never considered leaving this post," he said. "There's never been a consideration in my mind to leave."</p><p>Both before and after Tillerson's press conference, Trump slammed the NBC report on Twitter.</p><p>"NBC news is #FakeNews and more dishonest than even CNN," Trump tweeted before Tillerson spoke. "They are a disgrace to good reporting. No wonder their news ratings are way down!"</p><p>After the press conference, Trump said in another tweet that Tillerson had denied the NBC report.</p><p>"The @NBCNews story has just been totally refuted by Sec. Tillerson and @VP Pence," <a href="https://twitter.com/realDonaldTrump/status/915596990674849792">he tweeted</a>. "It is #FakeNews. They should issue an apology to AMERICA!"</p><p>An NBC News spokeswoman told Business Insider on Wednesday that the news organization stands by its reporting. Political reporter Carol Lee said on Wednesday that she and her NBC colleagues "extensively reported" the story, speaking with a dozen sources.</p><p>These reports come after months of rumored tensions between the president and his secretary of state.</p><p>On Sunday, Trump <a href="http://www.businessinsider.com/trump-tillerson-north-korea-little-rocket-man-2017-10">publicly undermined Tillerson's efforts</a> to negotiate with the North Korean government. Just a day after Tillerson told reporters in Beijing that he had a direct line of communication open with Pyongyang over North Korea's nuclear tests, Trump said diplomacy with the rogue nation was useless.</p><p>"I told Rex Tillerson, our wonderful Secretary of State, that he is wasting his time trying to negotiate with Little Rocket Man," the president <a href="https://twitter.com/realDonaldTrump/status/914497947517227008">tweeted</a>, using his nickname for North Korean leader Kim Jong Un. "Save your energy Rex, we'll do what has to be done!"</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/roger-stone-donald-trump-richard-nixon-2017-2">Roger Stone explains what Trump has in common with Richard Nixon</a></h3>        <div>                    </div>    </div>

Pence denies reports he convinced Tillerson to stay on as secretary of state

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIX7QLTDX&amp;SMLS=1&amp;RW=1567&amp;RH=886#/SearchResult&amp;VBID=2C0FCIX7QLTDX&amp;SMLS=1&amp;RW=1567&amp;RH=886&amp;POPUPPN=14&amp;POPUPIID=2C0BF1OH68MWS">REUTERS/Kai Pfaffenbach</a></span></p></div><p></p></div></div></span></p><p><span>The CEO of Deutsche Bank, John Cryan, sent a memo to employees, telling them to "be more daring" and make decisions without waiting for their bosses to tell them what to do.</span></p><p><span><span>According to a memo seen by Business Insider, he said employees should stop doubling up on work and come up with hierarchy-busting ideas.</span></span></p><p><span>"Too often I see in my own daily routine that too many different people are busy doing the same work as each other," Cryan wrote in the memo.</span></p><p><span>"Sometimes there are valid reasons for this. But often a particularly cautious approach or a hierarchical mindset gets in our way instead of making us better and safer," Cryan said.</span></p><p><span>Cryan is leading a restructuring of Deutsche Bank, and is tasked with finding a path through the low-interest-rate environment and tough capital rules that have hit the firm's bottom line.</span></p><p>The bank <a href="http://uk.businessinsider.com/deutsche-bank-q4-2015-results-losses-litigation-job-losses-2016-1">posted a record €6.8 billion (£5.7 billion, $7.6 billion) loss for 2015</a> - its first annual loss since 2008 - from legal charges and a reassessment of asset prices.</p><p><span>Cryan, <span>brought in last summer to replace Anshu Jain and turn the bank around, told staff to be more entrepreneurial and think like a Silicon Valley technology company.</span></span></p><p><span>It is not the only bank that is trying to engage with new technology to avoid being left behind. On Monday, HSBC's retail banking and wealth management head, John Flint, said he expects banks <a href="http://www.businessinsider.com/r-hsbc-retail-head-sees-more-bank-partnerships-with-financial-tech-firms-2016-9?IR=T">to partner more with financial technology companies in the coming years.</a></span></p><p>Here is the full memo from Cryan:</p><p>Dear Colleagues,</p><p>I hope you enjoyed a relaxing summer holiday. I intentionally avoided the words "summer break" because, unfortunately, there wasn't much of a break this year.</p><p>Precisely because so much is happening at Deutsche Bank, I would like personally to update you each month - so that you know what we have achieved, what lies ahead and what the Management Board and I are working on.</p><p>Although it wasn't a particularly calm summer, there were some relaxing moments. I especially enjoyed the season opening of the Berliner Philharmoniker, which Deutsche Bank has supported for many years. My wife and I were able to attend an outstanding concert with works by Gustav Mahler and Pierre Boulez.</p><p>In our bank, there were also welcome developments. In early August, Kim Hammonds and I opened our new building in Jacksonville, Florida. It is good to have moments like this as they show that we are making progress. That was also the case elsewhere: we were able to sell our subsidiary in Argentina as planned while ensuring that most of the jobs there will be preserved.</p><p>That said, I do not want to make things out to be better than they are. The business environment is challenging, with persistent low interest rates and ever increasing regulatory requirements. Within the bank, we are not yet where we want to be. We therefore have no time to waste.</p><p>Despite all our challenges, I personally have a different impression of our bank than that painted by some observers. I can assure you that my Management Board colleagues and I will do everything we can to show you and the public that we can look to the future with confidence.</p><p>Do not allow yourself to become distracted by speculation about alleged mergers or sales plans. There is one rumour in particular that I would like to dispel by making it unambiguously clear that Deutsche Asset Management is and will remain an essential part of our business model.</p><p>We have enough on our plate to solve on our own, and we intend to concentrate on this for now. We want to resolve further important litigation cases, and we are now approaching the finish line in our second and third round of negotiations with employee representatives in Germany.</p><p>But our work is not just about pursuing restructuring. We must also change how we work in the future. Too often I see in my own daily routine that too many different people are busy doing the same work as each other. Sometimes there are valid reasons for this. But often a particularly cautious approach or a hierarchical mindset gets in our way instead of making us better and safer.</p><p>As our Chief Risk Officer Stuart Lewis said recently, every one of us must be a risk manager. Each of us has a responsibility. For this reason, I too encourage you to accept this responsibility. Trust yourself to make decisions instead of waiting for an instruction from above. I encourage our managers to support this kind of self-reliance.</p><p>This mindset is also necessary if we want to see ourselves increasingly as a technology company. We should be more daring and think a bit more like entrepreneurs. This does not just apply to the Management Board. Entrepreneurial initiative arises wherever business is done. You are best placed to see what could be changed and what could be improved. Often it is the small steps that bring us farthest forward.</p><p>Innovation is crucial in this respect. This Friday, for example, we will open our new data analytics centre in Dublin. Next week we are especially looking forward to hosting clients at our Technology Conference on September 13 and 14, where tech giants from Microsoft to Salesforce will meet in Las Vegas. At the end of September, Kim Hammonds and Christian Sewing will officially open our new digital factory in Frankfurt-Sossenheim, where developers are already diligently at work. Facilities such as Sossenheim and Dublin exemplify the technological transformation of our bank.</p><p>Before us lies an extended final sprint in an exacting year of restructuring work. This will demand a lot from all of us, especially as our normal business must always take priority. Keep asking your clients what we can do for them. Ask yourself where you - where we - can demonstrate entrepreneurial spirit. Astonishing yourself is what makes life worth living, as Dublin-born Oscar Wilde once wrote.</p><p>If my fellow members of the Management Board and I can be of assistance, please let me know.</p><p>Yours sincerely,</p><p>John Cryan </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/krugman-financial-markets-arent-taking-trump-seriously-2016-8">KRUGMAN: Financial markets aren't taking a Trump victory very seriously</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RrNXdtNTE6A2yVb-FAhQwFsUcSxyV1lf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Deutsche Bank CEO memo to staff: Sometimes you should just ignore all the hierarchy

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Boris Johnson</p></div><p></p></div></div></p><ul class="summary-list"><li>Britain is set to have a new prime minister after Conservative Party members elected Boris Johnson to replace Theresa May.</li><li>Former Foreign Secretary Boris Johnson won the contest, ahead of his successor Jeremy Hunt.</li><li>Johnson has a large in-tray of problems to deal with as Britain rapidly heads towards its latest deadline for leaving the EU on October 31.</li><li>Here are the 5 biggest problems facing Britain's new prime minister.</li></ul><h2>1. Renegotiating Brexit </h2><p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div></p><p>The most pressing issue facing Boris Johnson is the one that brought down Theresa May: Brexit.</p><p>The former foreign secretary has pledged to "look into the eyes" of EU leaders and renegotiate the Brexit deal that Theresa May agreed with the EU.</p><p>Crucially, he has pledged to rip up the controversial Northern Ireland "backstop" part of the agreement which is designed to prevent a hard border emerging between the UK and Ireland once Britain leaves the EU.</p><p>The EU's chief Brexit negotiator Michel Barnier, and multiple EU leaders have repeatedly said that this element of withdrawal agreement cannot be renegotiated and warned that Johnson's hardline stance is pushing Britain toward a no-deal exit.</p><p>Some Conservative members of parliament believe this is a bluff and are confident that Johnson can succeed where May failed. </p><p>"May never really tried to renegotiate the deal," one senior Brexiteer told Business Insider.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.com/license/803197042">Steffi Loos-Pool/Getty Images</a></span></p><p class="caption">German Chancellor Angela Merkel and French President Emmanuel Macron talk in the conference room during a meeting of EU Leaders before G20 Summit on June 29, 2017 in Berlin, Germany.</p></div><p></p></div></div></p><p>Others are more sceptical.</p><p>One Conservative MP who visited representatives of EU member states in Brussels last month told Business Insider that "not a single one indicated any likelihood of the withdrawal agreement being opened."</p><p>Even if Johnson is successful at renegotiating a deal, passing it through the Houses of Parliament will be incredibly difficult. May failed multiple times to pass her own deal through the Commons, and it is difficult to see how any new deal likely to be agreed to by the EU would fare much better.</p><h2>2. Preparing for a no-deal Brexit</h2><p><div class="KonaFilter image-container float_left"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>Because of this, the prospect of a no-deal Brexit is growing significantly, with Johnson insisting that he will take Britain out of the EU on October 31 "do or die."</p><p>The former foreign secretary said that Britain must prepare to leave the EU without a deal, both as a practical necessity, but also as a negotiating tactic.</p><p>Preparing for a no-deal Brexit will be very difficult, both logistically and politically.</p><p>As Business Insider <a href="https://www.businessinsider.com/no-deal-brexit-uncertainty-forces-uk-companies-to-plan-factory-shutdowns-2019-6?r=US&amp;IR=T">revealed earlier this year</a>, much of the warehouse space needed to prepare for a no-deal is no longer available.</p><p>The government departments in charge of Brexit preparations have also suffered an exodus of senior staff members in recent months.</p><p>Joe Owen from the Institute For Government think tank told Business Insider that the next prime minister will "come in and quickly realise the big risk is that we'll be less ready in October than we were in March."</p><p>Businesses could be reluctant to prepare again for no-deal after it was twice averted earlier this year.</p><p>"They've seen government cry wolf twice before," Owen told Business Insider.</p><p>"They'll be seeing Boris saying the odds of no deal are a million to one against and MPs saying they want to stop no deal - that's the stuff that will stick," Owen said.</p><p>"They are saying 'we've been here before and it didn't happen, why would we spend money again doing it?</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Ted S. Warren/AP</span></p><p class="caption">A general view of shipping containers seen from the bridge of the AAL Kobe cargo ship docked at Felixstowe Port in Britain. A no-deal Brexit could create chaos for importing an exporting goods.</p></div><p></p></div></div></p><p>It is also difficult to see how Britain's next prime minister could secure enough support from parliament to allow a no-deal Brexit.</p><p>An incoming prime minister could ultimately opt to suspend parliament, in order to force through Brexit. However, doing so would be politically explosive and may not even be possible.</p><p>Just last week, rebel Conservative MPs <a href="https://www.businessinsider.com/no-deal-brexit-mps-vote-block-boris-johnson-closing-parliament-2019-7?r=US&amp;IR=T">inflicted a heavy defeat on the government</a>, when they voted for an amendment designed to prevent the next prime minister from suspending parliament in order to force through a no-deal Brexit.</p><p>The measure, which passed by a majority of 41, secured the support of large numbers of Conservative rebels, with several current government ministers also abstaining.</p><p>While the vote does not in of itself prevent a no-deal outcome, it is a clear signal of Parliament's intent to do whatever is required to prevent Britain's next prime minister from forcing through a no-deal.</p><h2>3. Getting ready for a general election</h2><p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>The British Parliament has repeatedly voted against either leaving the EU with a deal, or leaving the EU without a deal.  </p><p>Given Johnson has promised to deliver Brexit no matter what, he may ultimately have little choice but to go back to the country and hold a general election.</p><p>But Conservative MPs really, really don't want to do that. The party is currently experiencing historic lows in the opinion polls and came in a disastrous fourth place in the recent European Parliament elections.</p><p>With so many voters who backed them at the last election fleeing to the Brexit Party and the Liberal Democrats, almost no Conservative MPs are keen to rush into another vote.</p><p>"We've only been in parliament for two years," one Conservative MP who was elected for the first time in 2017, told Business Insider.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Ian Forsyth/Getty Images</span></p><p class="caption">Britain's opposition Labour Party leader Jeremy Corbyn has said that Britain needs a General Election to decide the country's future.</p></div><p></p></div></div></p><p>"We want to fix Brexit first. The last snap general election didn't work out too well."</p><p>Another Conservative MP said an election would only happen if parliament brought a no-confidence vote against the next prime minister in order to prevent a no-deal Brexit. </p><p>Forced to choose between the risks of a chaotic Brexit or a general election, parliament may ultimately choose the latter.</p><p>"The only reason an election will happen soon is if the government falls," said the MP. "We cannot go to the electorate as a matter of choice before that."</p><p>Aside from low levels of support, a snap election would also present challenges for candidate selection and funding, especially as many donors have deserted the party over its failure to deliver on Brexit.</p><p>Johnson, for his part, has denied that he plans to call an election. "It would be absolutely crazy for any of us to think of going to the country and calling a general election before we get Brexit done," he said at a leadership hustings in June, insisting that parliament could agree on a deal.</p><p>However, it was <a href="https://www.businessinsider.com/boris-johnson-plans-snap-general-election-to-beat-jeremy-corbyn-2019-7?r=US&amp;IR=T">reported earlier this month</a> that Johnson's allies are preparing for an early election.</p><p>"You will need to get the party in fighting shape as early as possible," one campaign figure told The Times newspaper. "One of the reasons for the lack of success in 2017 was a lack of preparation. You need to pull things together."</p><p>And if the Conservative party experiences a surge in the polls following Johnson's election, the temptation to go back to the country could be too much to resist.</p><h2>4. Opening Britain's purse-strings</h2><p><div class="KonaFilter image-container float_left"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>When May first became prime minister, she pledged to tackle the "burning injustices" in the country such as income inequality, the lack of affordable housing and the crisis in social care.</p><p>But instead of dealing with these issues, her premiership was almost entirely dominated by Brexit, with little significant domestic legacy to speak of.</p><p>Johnson is determined not to make the same mistake and has already announced a range of bold, and expensive, domestic policies.</p><p>Johnson has promised to cut tax for high earners, do away with tax on sugar-sweetened drinks, and put 20,000 additional police officers on the streets by 2020. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Outgoing British Chancellor Philip Hammond pictured last October, standing outside 11 Downing Street before delivering his budget statement.</p></div><p></p></div></div></p><p>This string of expensive pledges has led to him coming under fire from across the political spectrum for making unrealistic spending promises.</p><p>Outgoing Chancellor Philip Hammond warned that the damage caused by a no-deal Brexit would leave no money to pay for such pledges, with the independent spending watchdog, the Institute for Fiscal Studies, also criticising the plans.</p><p>Passing such plans through parliament would also be difficult, given that the Conservative government currently has a tiny working majority of just five MPs.</p><p>As a result, there will almost certainly be a sizeable gulf between the next prime minister's campaign promises, and what they actually achieve once in power. </p><p>"What you're going to see is a lot of bold policies but less than bold legislation," one former Conservative Cabinet minister told Business Insider.</p><h2>5. Dealing with Trump</h2><p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>Samantha Lee/Business Insider</span></p></div><p></p></div>Johnson has significant experience as foreign secretary dealing with US President Donald Trump and appears to have a decent personal relationship with him.</p><p>Trump has repeatedly praised Johnson, saying last week that he expects to have a "good relationship" with Britain's new prime minister.</p><p>Comparing him favourably to May, Trump said that it was "good" that Britain would soon be getting a new prime minister after the "mess" that May has made of Brexit.</p><p>Johnson has also praised Trump, insisting that the president has "many, many good qualities," and "talks sense." </p><p>The former foreign secretary is expected to make an early trip to the US in his new position.</p><p>However, Trump is highly unpredictable. His <a href="https://www.businessinsider.com/trump-calls-theresa-may-foolish-and-her-ambassador-to-us-a-very-stupid-guy-2019-7?r=US&amp;IR=T">recent attacks both on May and her ambassador</a> to the US Kim Darroch, have strained relations between the two countries and created a serious diplomatic crisis.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.gettyimages.com/detail/news-photo/president-donald-trump-walks-out-of-the-white-house-before-news-photo/1163026790?adppopup=true">Chip Somodevilla/Getty Images</a></span></p><p class="caption">President Donald Trump walks out of the White House before departing July 19, 2019 in Washington, DC.</p></div><p></p></div></div></p><p>On other foreign policy issues, the two countries are also at odds. The UK was at the forefront of efforts to bring Iran back into the <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">international</keyword> community through the Iranian nuclear deal, whereas Trump has been instrumental in dismantling that agreement. </p><p>Rising tensions in the Gulf region, with the seizure of UK ships by the Iranians, could well escalate into Britain being dragged into a potential conflict by Trump.</p><p>Johnson has also made securing a trade deal with US, a key part of his post-Brexit plans. Any such deal would be hugely controversial, given that it would likely include provisions on food standards and the NHS</p><p>During his recent state visit <a href="https://www.businessinsider.com/donald-trump-says-nhs-must-be-on-the-table-in-brexit-trade-deal-with-uk-2019-6?r=US&amp;IR=T">Trump insisted</a> that the NHS must be "on the table" in talks, before later backtracking.</p><p>Whatever happens, managing Britain's relationship with Trump's White House will form a major part of the early days of any incoming prime minister.</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/john-mccain-brain-cancer-diagnosis-defended-barack-obama-good-man-2008-election2017-7">When John McCain ran against Barack Obama, he went out of his way to defend him as a 'decent family man'. Watch the viral video.</a></h3>        <div>                    </div>    </div>

5 big problems Boris Johnson has to deal with on his first day as prime minister

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/KCNA</span></p><p class="caption">North Korean leader Kim Jong Un inspects the construction site of Ryomyong Street, in this undated photo released by North Korea's Korean Central News Agency (KCNA).</p></div><p></p></div></div>Here is what you need to know.</p><p><strong>The Mexican peso is little changed. </strong>The peso fell as much as 1.3% on Thursday after Mexican president <span>Enrique Peña Nieto canceled a meeting scheduled for next week with President Trump following Trump's insistence that Mexico would pay for the border wall. After falling another 0.8% to 21.3806 per dollar early Friday, the peso is little changed at 21.2050.</span></p><p><strong>Lunar New Year celebrations are underway. </strong>Markets in China and across much of Asia will be shuttered over the next week in celebration of the Lunar New Year.</p><p><strong><a href="http://www.businessinsider.com/philip-hammond-brexit-trade-negotiations-eu-article-50-2017-1?r=UK&amp;IR=T">The UK won't be able to make trade deals until at least 2019</a>. </strong>Speaking to Sky News on Friday, Chancellor Phillip Hammond said, "Of course we want to strengthen our trade ties with the very many trade partners we have around the world, but we're very mindful of our obligations under the treaty, and we will follow them precisely." Those comments effectively rule out any trade deals being made until the UK terminates its membership in the European Union, which is expected to occur in March 2019. The British pound is down 0.4% at 1.2547 against the dollar.</p><p><strong><a href="http://www.reuters.com/article/us-japan-economy-cpi-idUSKBN15A37U?il=0">Japan's core consumer prices fell at their slowest pace in almost a year</a>. </strong>Japan's nationwide core consumer price index, which includes oil but excludes fresh food, fell 0.2% year-over-year in December, making for the smallest drop since February, Reuters reports. The Japanese yen is weaker by 0.4% at 114.98 per dollar.</p><p><strong><a href="http://www.businessinsider.com/alphabet-reports-q4-2016-earnings-2017-1">Alphabet's earnings miss</a>. </strong>Google's parent company earned an adjusted $9.36 per share, missing the $9.67 that was expected by the Bloomberg consensus. However, revenue climbed 22% YoY to $26.06 billion, easily beating the Wall Street estimate of $25.2 billion.</p><p><strong><a href="http://www.businessinsider.com/microsoft-q2-fy17-earnings-2017-1">Microsoft beats on the top and bottom lines</a>. </strong>Microsoft earned an adjusted $0.84 per share on revenue of $25.8 billion. <span>Revenue from its Productivity and Business Processes unit, which includes the fast-growing Office 365 cloud productivity suite, jumped 10% versus a year ago to $7.4 billion.</span></p><p><strong><a href="http://www.reuters.com/article/us-starbucks-results-idUSKBN15A2ZS">Starbucks slashed its 2017 revenue forecast</a>. </strong>The coffee giant announced first quarter results that were mostly in line with Wall Street estimates but said it sees<span> 2017 revenue growth of between 8% and 10%, down from its previous estimate of a double-digit rise, Reuters reports. </span></p><p><strong><a href="http://markets.businessinsider.com/indices">Stock markets around the world trade mixed</a>.</strong> Japan's Nikkei (+0.3%) gained in Asia and France's CAC (-0.5%) trails in Europe. The S&amp;P 500 is set to open little changed near 2,297.</p><p><strong>Earnings reporting is moderate. </strong>American Airlines, Chevron, Colgate-Palmolive, and Honeywell are among the names set to release their quarterly results ahead of the opening bell.</p><p><strong>US economic data is heavy. </strong>GDP and durable goods will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. Finally, the Baker Hughes rig count will be announced at 1 p.m. ET. The US 10-year yield is up 1 basis point at 2.51%.</p>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Luke MacGregor</span></p><p class="caption">Workers sweep leaves outside Deutsche Bank offices in London December 5, 2013. </p></div><p></p></div></div>Deutsche Bank just announced a dramatic overhaul.</p><p>The structural changes follow the appointment of John Cryan as co-CEO earlier this year. He replaced <span>Anshu Jain, who had helped build the investment banking units over the course of two decades.</span></p><p><span>The corporate banking and securities division will be replaced by two units: corporate and investment banking and global markets. </span></p><p><span>A number of executives who worked closely with Jain will exit as part of the changes as well. </span></p><p><span>Colin Fan, who had been cohead of the corporate banking and securities division, will leave, as will Michele Faissola, head of Deutsche asset and wealth management. Stefan Krause, a long-term management board member, will also exit, while Stephan Leithner, CEO for Europe, is leaving to take a role in the private equity industry. </span></p><p>Here's the announcement:</p><p style="padding-left: 30px;">Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) will fundamentally change its group and leadership structure. At an extraordinary meeting today in Frankfurt, the Supervisory Board of Deutsche Bank resolved to restructure the Bank ´s business divisions. This will be supplemented by a reorganization of executive committees and senior management changes.</p><p style="padding-left: 30px;">The Supervisory Board's guiding principle, in light of the Bank's Strategy 2020, was to reduce complexity of the Bank's management structure enabling it to better meet client demands and requirements of supervisory authorities.</p><p style="padding-left: 30px;">The Corporate Banking &amp; Securities (CB&amp;S) business division is a main focus of the organizational restructuring and will be split into two business divisions. Effective January 1, 2016, a business division called Corporate &amp; Investment Banking will be created by combining the Corporate Finance business in CB&amp;S and Global Transaction Banking (GTB). CB&amp;S's sales and trading activities will be combined in a newly created business division called Global Markets. The name "CB&amp;S" will cease to exist.</p><p style="padding-left: 30px;">Additional changes will affect Deutsche Asset &amp; Wealth Management. High net worth clients will be served by Private Wealth Management which will be run as an independent business unit within the Private &amp; Business Clients business division.</p><p style="padding-left: 30px;">Deutsche Asset Management will become a stand-alone business division and focus exclusively on institutional clients and the funds business.</p><p style="padding-left: 30px;">Together with the organizational restructuring there will be a broad-based change of key management roles. The Group Executive Committee (GEC) will be abolished, as will ten of the current 16 Management Board committees. Effective January 1, 2016, all four core business divisions will be represented directly on the Management Board. A ten-person Management Board will be supplemented by four General Managers ("Generalbevollmächtigte").</p><p style="padding-left: 30px;">Effective January 1, 2016, Jeff Urwin, currently Co-Head of CB&amp;S together with Colin Fan, will join the Management Board. Urwin will be responsible for Corporate &amp; Investment Banking. As a result of this reorganization, Stefan Krause, a long-term Management Board member with responsibility for GTB and the Non-Core Operations Unit (NCOU), will resign effective October 31, 2015.</p><p style="padding-left: 30px;">Werner Steinmueller will remain Head of GTB, and will report to Urwin. He will be proposed for election to succeed Krause as Chairman of the Supervisory Board of Postbank AG.</p><p style="padding-left: 30px;">Colin Fan, currently Co-Head of CB&amp;S, will resign effective October 19, 2015. He will be succeeded by Garth Richie who will be responsible for Global Markets on the Management Board effective January 1, 2016. Ritchie is currently Head of Equities.</p><p style="padding-left: 30px;">Quintin Price, most recently Global Executive Committee member and Head of Alpha Strategies at BlackRock, will take on Management Board responsibility for Deutsche Asset Management, effective January 1, 2016. Michele Faissola, Head of Deutsche Asset &amp; Wealth Management, will leave the Bank after a transition period.</p><p style="padding-left: 30px;">Going forward, Christian Sewing, Head of Private &amp; Business Clients, will also assume responsibility for high net worth clients on the Management Board. Fabrizio Campelli, currently Head of Group Strategy, will run this business and will report to Sewing.</p><p style="padding-left: 30px;">Effective October 31, 2015, Stephan Leithner has requested to resign as a member of the Management Board as he wants to assume a new role in the private equity industry next year. The Supervisory Board has accepted his request. Leithner is CEO Europe and is responsible for Human Resources, Government &amp; Regulatory Affairs (GRAD), and Anti-Financial Crime on the Management Board.</p><p style="padding-left: 30px;">Krause and Leithner ´s Management Board responsibilities will be divided as follows: Sylvie Matherat, Head of Government &amp; Regulatory Affairs at Deutsche Bank and a former Member of the Board of Directors of Banque de France, will become Chief Regulatory Officer and assume Management Board responsibilty for Regulation, Compliance and Anti-Financial Crime. The General Manager ("Generalbevollmächtigte") Nadine Faruque, who is Global Head of Compliance, will report to Matherat.</p><p style="padding-left: 30px;">Karl von Rohr, currently Chief Operating Officer for global Regional Management will become Chief Administrative Officer and assume Management Board responsibility for Corporate Governance, Human Resources, and Legal. In his new position, he will also become Labour Relations Director ("Arbeitsdirektor") of Deutsche Bank. Legal was represented on the Management Board by Co-Chief Executive Officer John Cryan. Cryan will assume Management Board responsibility for the NCOU.</p><p style="padding-left: 30px;">Separately, Kim Hammonds, currently Global Chief Information Officer and Co-Head of Group Technology &amp; Operations at Deutsche Bank and formerly Chief Information Officer (CIO) of Boeing, will become Chief Operating Officer. She will oversee the re-engineering of the Bank's information technology (IT) systems and operations. To acquire the relevant experience in credit assessment in accordance with the German Banking Act (KWG), Hammonds will start her role as General Manager ("Generalbevollmächtigte") at the beginning of next year. She is expected to join the Management Board in no later than one year.</p><p style="padding-left: 30px;">Henry Ritchotte, currently Chief Operating Officer, will leave the Management Board at year end and set up a new digital bank for Deutsche Bank. The Management Board will communicate further details about this project at a later point in time.</p><p style="padding-left: 30px;">In addition to Faruque and Hammonds, Jacques Brand will become a General Manager ("Generalbevollmächtigter") reporting to the Co-CEOs John Cryan and Jürgen Fitschen, effective November 1, 2015. Brand is currently Chief Executive Officer for North America and will become Chairman of the newly created Intermediate Holding Company for the US business. Fischen will remain responsible for global Regional Management. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/excel-index-match-versus-vlookup-masters-find-data-2015-9">This is what separates the Excel masters from the wannabes</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="50YnY4czr4ms1vJ7yz3xzq0excz_pUMs" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "Kim Hammonds" and got 13 results

Infosys inks multi-million euro deal with Deutsche Bank

BI India Bureau

Ireland Baldwin ditched her red hair for a bleached blonde buzz cut in 'radical' new look

Pauline Villegas

REPORT: 'Dysfunctional' Deutsche Bank is preparing to oust CEO John Cryan

Will Martin

Theresa May avoids major Brexit defeat on customs union amendment

Adam Payne,Adam Payne,Adam Bi…

Deutsche Bank has a technology problem

Ben Moshinsky

Deutsche Bank is trying to fix its technology problem with a new hire

Ben Moshinsky

The 5 big problems Britain's next prime minister will have to deal with on his first day

Adam Bienkov,Thomas Colson,Ad…

Michael Gove says he is 'radically sceptical' about the bleak Brexit forecasts made by economists

Adam Payne,Adam Payne

Pence denies reports he convinced Tillerson to stay on as secretary of state

Eliza Relman

Deutsche Bank CEO memo to staff: Sometimes you should just ignore all the hierarchy

Ben Moshinsky

5 big problems Boris Johnson has to deal with on his first day as prime minister

Adam Bienkov,Thomas Colson,Ad…

10 things you need to know before the opening bell

Jonathan Garber

Deutsche Bank just announced a dramatic overhaul

Matt Turner

Popular Keywords

Buying Guides