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Deutsche Bank Will Cut 7,000 Jobs

Deutsche Bank Will Cut 7,000 JobsDeutsche Bank Will Cut 7,000 Jobs

Deutsche Bank said on Thursday it will reduce global staff levels to well below 90,000 from the current 97,000, as part of a broad restructuring to reduce costs and restore profitability, Reuters reported. The bank said it would cut headcount by 25% in its equities sales and trading business following a review of the business. The reductions will decrease the investment bank’s leverage exposure by €100 billion ($117 billion), or 10%, with most of the cuts to take place this year, Deutsche said. “We remain committed to our Corporate & Investment Bank and our international presence—we are unwavering in that,” Chief Executive Officer Christian Sewing said in a statement. “We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.” Shareholders, fed up with a languishing share price and dwindling revenues, said they would call on the bank’s management to speed up the recovery process at the annual general meeting.

 

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