Home Breaking Deutsche Bank profits slump amid major restructuring

Deutsche Bank profits slump amid major restructuring

by Purvai Dua
25th Jul 18 8:05 am

Deutsche Bank has today reported net income of $469m for the second quarter — a 14 per cent decline in the second quarter from a year earlier– amid major restructuring under a new leadership.

Under the new Chief Executive Christian Sewing, Germany’s largest lender has axed 2,100 jobs since the start of the year, delivering roughly half of its full-year target of reducing its workforce by 4.7 per cent in 2018.

“We’re making important changes to our core businesses as promised, we’re headed in the right direction on costs, and our balance sheet quality is strong,” Sewing said today.

The lender added that it was “on track” to slash another 1,500 from its total headcount to dip below 93,000 by the end of the year.

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