Deutsche Bank to cut up to 10,000 jobs as new CEO tightens belt
The cuts will include 25% of staff in the equities business, as Christian Sewing seeks to impress where his predecessor failed: in cutting costs
Deutsche Bank will cut equities jobs by a quarter and reduce overall positions by at least 7,000 as CEO Christian Sewing seeks to slash costs and boost profitability at the investment bank. The reductions will take the number of jobs at the Frankfurt-based lender to well below 90,000 and lead to a restructuring charge of as much as €800m this year, it said on Thursday. Deutsche Bank’s SA chief, Muneer Ismail, confirmed on Wednesday night that the global cuts would affect its South African advisory and equities business, but he did not answer specific questions on job losses. "We are reviewing our advisory and equities footprint in SA with a view to scaling back our activities in these areas‚” he said late on Wednesday night. “This is part of a wider review of our businesses globally.” Ismail said that the “debt capital markets‚ fixed income and treasury products franchise” in the country would not be affected. “We remain committed to our South African clients and our on-the-ground p...
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