Deutsche Bank to cut 18,000 jobs after £2.5bn loss
Deutsche Bank will cut 18,000 jobs following a €2.8bn (£2.5bn) loss due to restructuring changes.
The jobs are set to go in a sweeping €7.4bn (£6.6bn) overhaul which will include scrapping its global equities, sales and trading businesses and scaling back its investment bank.
Just over 20% of the company’s entire 91,500 employees are set to go as the bank aims to reduce its headcount to 74,000 within the next three years.
It will create a so-called “bad bank” called the capital release unit to manage the termination of €74bn (£66bn) in risk-weighted assets connected to its investment bank.
The move follows a meeting of the bank’s supervisory board on Sunday to agree the proposed changes, which are said to be designed to increase profitability and boost shareholder returns.
The company currently employs more than 8,000 people in the UK and is one of the largest employers in the City of London……..read more
Source: Sky News