Deutsche's new CEO sweeps clean
As many as 10000 jobs said to be on the line as bank cuts costs
Deutsche Bank is cutting more than 7000 jobs to reduce costs and restore profitability while maintaining its international reach as its new CEO seeks to reassure investors and clients. Germany's biggest bank said global headcount would fall to well below 90000 from 97000, with a 25% cut in equities sales and trading jobs, which are mainly in New York and London and where it has been losing ground to US rivals. Deutsche Bank did not give a specific number, but a person with knowledge of the matter had said ahead of the lender's AGM, held on Thursday, that it was aiming to axe 10000 positions. Christian Sewing, who became CEO in an abrupt management reshuffle last month, said the bank was committed to its international presence, fleshing out his plan to scale back its global investment bank and refocus on Europe and its home market after three consecutive years of losses. Last month, the bank flagged cuts to US bond trading, equities and its business serving hedge funds. "We remain co...
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