Here’s why
Following three year’s of financial losses and reporting a loss of €500m in February, Germany’s largest lender will be cutting at least 7,000 jobs. This follows the sacking of John Cryan in April and appointing co-deputy Christian Sewing as its new chief executive.
Deutsche Bank cut more than 3,000 jobs over a 12 month period up until April 2017 so the latest round of job cuts will bring the total to more than 10,000 over a three year period, in an attempt to bring the bank back into profit.
In a statement, Deutsche Bank said: “The number of full-time equivalent positions is expected to fall from just over 97,000 currently to well below 90,000. The associated reductions are underway.”
Jobs in London are already at risk as a result of Brexit as Deutsche Bank were already considering moving half of the 8,000 jobs in London outside of the UK.
It is expected that a quarter of the jobs in its equities and sales trading business, of which many are based in London, will be cut.
Christian Sewing, chief executive said: “We remain committed to our corporate and investment bank and our international presence — we are unwavering in that.
We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”
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