Deutsche Bank resize means job losses in SA

German investment bank Deutsche could become the latest bank to add to SA’s unemployment woes with plans to lay off employees.

Deutsche Bank told Business Day on Thursday that it has already begun retrenchment processes globally but it was yet to confirm how many jobs will eventually be cut at its SA branch in Sandton. On Sunday, the bank issued a statement announcing a series of restructuring initiatives to help it reduce costs as it is grappling with dwindling revenue. In the first quarter of 2019, revenue fell 9% year on year, and in the second quarter Deutsche Bank said it expected to report a net loss of about €2.8bn. Cutting costs is one initiative the company has identified to offset declining revenue.

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