Deutsche Bank new chief flags record Q3 loss, plans to axe 23,000 staff

Frankfurt

DEUTSCHE Bank's new boss John Cryan set about cleaning up Germany's biggest bank, flagging a record pre-tax loss of six billion euros (S$9.5 billion) for the third quarter and warning investors to brace for a possible 2015 dividend cut.

Mr Cryan became chief executive in July with a promise to cut costs. He is accelerating plans to shed assets and exit countries to shrink the bank and is readying to axe about 23,000 jobs or a quarter of its staff, sources told Reuters last month.