The bank said the job cuts would hit its equities sales and trading division, which was expected to lose 25 percent of its workforce.
“The number of full-time positions is expected to fall from just over 97,000 currently to well below 90,000; the associated personnel reductions are underway.” Deutsche said in a statement.The bank said it plans to reduce its leverage exposure by over €100 billion, or around 10 percent, with the majority of the reduction set to be achieved “by the end of this year”.
CEO: FINANCIAL POSITIONS LEFT ME NO CHOICE
The jobs cull is the first big decision to be announced under new chief executive Christian Sewing, who unexpectedly replaced CEO John Cryan in early April. “We remain committed to our Corporate and Investment Bank and our international presence — we are unwavering in that,” Sewing said on Thursday. Sewing said it is “a difficult situation” but Deutsche’s current financial position leaves him with “no choice”.
The loss-making bank said after an abrupt management reshuffle last month that it aimed to scale back its global investment bank and refocus on Europe and its home market after three consecutive years of losses.
