Deutsche Bank to shed 26,000 jobs, exit markets
It will also move trading businesses, reduce number of investment banking clients
Frankfurt
DEUTSCHE Bank AG has said it will shrink the workforce by about 26,000 people by 2018 as co-chief executive officer John Cryan seeks to improve returns. Its shares fell.
The lender will cut about 9,000 jobs on a net basis, almost 10 per cent of staff it expects to have at the end of the year, and others will leave the company as businesses are sold, it said on Thursday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say