Deutsche Bank to cut workforce by 15,000
[FRANKFURT] Deutsche Bank said it was reducing its workforce by 15,000 as new Chief Executive John Cryan seeks to improve returns at Germany's biggest bank.
The lender said it would axe 9,000 full-time jobs and 6,000 external contractor positions.
Separately, it plans to dispose of assets with a 4-billion-euro (US$4.37 billion) cost base and 20,000 jobs over the next 24 months.
People familiar with the matter told Reuters last month that as part of its revamp, Deutsche aims to cut about 23,000 jobs, or roughly a quarter of its workforce, by reducing technology activities and spinning off its Postbank unit.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
HSBC’s private bank shuts independent asset management business in HK, Singapore
Yen drops to fresh 34-year low as BOJ keeps key rate unchanged
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Bank of Japan keeps rates steady, projects inflation staying near 2% in coming years