Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany’s struggling flagship lender.
Last week, the head of Deutsche’s investment bank Garth Ritchie agreed to step down, marking a sign of the division’s waning influence.
Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs — more than one in five of its 91,500 employees.The bank did not disclose a geographic breakdown of the job cuts. The equities business is focused largely in New York and London. Stephan Szukalski, head of the DBV union, told Reuters that the measures were in the right direction.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Factbox: Deutsche Bank takes an axe to investment bankDeutsche Bank said on Sunday that it would make major cutbacks to its investment...
Read more »
Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaulThe bank aims to reduce costs by 6 billion euros. CEO Christian Sewing had broadcast 'tough cutbacks' during a shareholders' meeting in May.
Read more »
The Latest: Deutsche Bank to slash 18,000 jobs in reshuffleBERLIN (AP) — The Latest on Germany's Deutsche Bank (all times local): 5:15 p.m. Germany's struggling Deutsche Bank says it will cut 18,000 jobs by 2022 in a sweeping restructuring...
Read more »
Deutsche Bank to Exit Global Equities, Trading BusinessDeutsche Bank moved to gut its global ambitions as a trading powerhouse, cutting 18,000 jobs and retreating to its German banking roots in a radical overhaul to try to save itself after years of decline.
Read more »
Deutsche Bank to slash 18,000 jobs in sweeping restructuringGermany's biggest bank, Deutsche Bank, has announced a restructuring plan that will see it shed its equities sales and trading business as it tries to improve profitability and raise its share price.
Read more »