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.
