(27 April 2018 – Europe) Deutsche Bank is pulling back from the US and Asia to focus on its European home market under the guidance of new CEO, Christian Sewing.
After less than three weeks in the role, Mr Sewing announced he would “redefine the core of our bank” by focusing on European corporate clients and trading activities.
Deutsche said it would quit investment banking activities where it lacked a “sustainable competitive advantage”. It did not disclose the number of job cuts it was planning.
Deutsche Bank employs roughly 10,000 people in the US, meaning significant job cuts will be around the corner. The bank said job losses would be needed to meet its 2018 cost-cutting target.