Deutsche Bank is slashing more than 7,000 jobs to cut costs and restore profitability, while keeping its international reach as its new CEO seeks to reassure investors and clients.
Germany’s biggest bank said global headcount would fall to well below 90,000 from 97,000, with a 25 percent cut in equities sales and trading jobs, which are mainly in New York and London and where it has been losing ground to US rivals.
Deutsche Bank did not give a specific number, but a person with knowledge of the matter saidEu ahead of the lender’s annual general meeting on Thursday that it was aiming to axe 10,000 positions.
Christian Sewing, who became CEO in an abrupt management reshuffle last month, said the bank was committed to its international presence, fleshing out his plan to scale back its global investment bank and refocus on Europe and its home market after three consecutive years of losses.
Last month the bank flagged cuts to US bond trading, equities, and its business serving hedge funds.