Deutsche Bank to cut up to 18,000 jobs to ‘storm-proof’ itself
Initially on hold during the pandemic, the bank is going ahead with retrenchments even as Germany’s economy slowly starts up again
13 May 2020 - 18:48
Frankfurt — Deutsche Bank abruptly ended the suspension of its huge job cuts programme after the coronavirus outbreak, saying it will resume dismissals as CEO Christian Sewing strives to beat his own expense targets.
“We decided to further accelerate our cost-reduction programme,” Sewing said in remarks prepared for the bank’s AGM next week. “It’s precisely because the transformation is essential for the future of our bank and we bear responsibility for a sustainable business model that we will, unfortunately, have to resume these personal discussions.”..
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