Deutsche Bank to shed 26,000 jobs, exit markets

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.