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Deutsche Bank to cut over 7,000 jobs
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IANS | 25 May, 2018
Germany's Deutsche Bank (DB) on Thursday announced plans to reduce its
number of full-time staff members from over 97,000 to "well below
90,000" to overhaul parts of its investment banking business and bring
down costs.
In its equities sales and trading business, the bank
said it was aiming to reduce headcount by about 25 per cent. The bank
did not say which countries would be affected by the job cuts, the BBC
reported.
Deutsche Bank employs about 66,000 people in Europe
including 42,000 in Germany, 21,000 in Asia and about 10,000 in North
America.
"We remain committed to our Corporate and Investment
Bank and our international presence -- we are unwavering in that.
However, we must concentrate on what we truly do well," CEO Christian
Sewing said.
It is the latest effort by the German lender to turn
around its business after years of losses. In April, it ousted CEO John
Cryan, replacing him with Sewing, who has spent his entire career at
the bank.
Sewing announced soon after taking over that job cuts
were coming. He said in April that Deutsche Bank's investment banking
business would focus on serving its core European client base and reduce
its commitment to the US and Asia.
He also announced a review of its global equities business. The moves would bring "painful" cutbacks, he warned.
The
company was now giving more details on the plans, which include cutting
jobs at its equities sales and trading business by about a quarter.
Deutsche
Bank said it expects its 2018 results to be hit by restructuring
charges of up to 800 million euros ($935.9 million). For 2019, the bank
plans to cut adjusted costs to 22 billion euros.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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