7,000 jobs to go at Deutsche
(24 May 2018 – Europe) Deutsche Bank has announced plans to cut more than 7,000 jobs in a restructuring that would see its workforce stand at “well below” 90,000.
Deutsche’s corporate and investment bank will bear the brunt of the of the restructure with its cost base cut by €1bn by the end of next year.
The bank did not give details about which offices would have the biggest cuts however it is thought most of the restructuring would happen in the US, with London-based operations also affected.
Chief executive Christian Sewing reiterated that the lender remained committed to its corporate and investment bank and its international footprint but that “we must concentrate on what we truly do well.”
For Deutsche this means a focus on its traditional roots in European wholesale banking and financing of European companies.