Deutsche Bank hiring freeze
With half the market value eroded and share price falling, lender seeks to cut costs to boost investor confidence
London/Zurich — Deutsche Bank is implementing a company-wide hiring freeze, as CEO John Cryan seeks to lower costs and shore up investor confidence, according to people with knowledge of it. In a message to divisional chief operating officers on Wednesday, the Frankfurt-based lender had said hiring would be put on hold with immediate effect, said the people, who asked not to be identified because talks over the matter are private. The hiring freeze affects all divisions, excluding some control functions such as compliance, according to the people. Cryan is struggling to reverse a slide in shares that eroded almost half of the company’s market value in 2016, amid concerns about mounting legal costs after the US department of justice requested $14bn to settle a probe into faulty securities. Since taking over in 2015, Cryan has suspended dividends, scrapped bonus awards for top management and cut risky assets, while eliminating about 9,000 jobs.
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