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US NewsDeutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul

21:55  07 july  2019
21:55  07 july  2019 Source:   reuters.com

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Deutsche Bank is to ax vast swathes of its trading desks in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis, in a restructuring that will see 18 , 000 jobs go and cost 7 . 4 billion euros . Deutsche bank gave no geographic breakdown for the job cuts .

Deutsche Bank plans to cut 18 , 000 jobs in a sweeping, 7 . 4 billion euro (£6.63 billion ) overhaul designed to turn around Germany's struggling flagship lender. The plan represents a major retreat from trading by Deutsche Bank , which for years had tried to compete as a major force on Wall Street.

Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul © Reuters/Kai Pfaffenbach FILE PHOTO: The Deutsche Bank headquarters are seen in Frankfurt FRANKFURT (Reuters) - Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro (£6.63 billion) overhaul designed to turn around Germany's struggling flagship lender.

The bank will also scrap its global equities business and scale back its investment bank. It expects a 2.8 billion euro (£2.51 billion) net loss in the second quarter as a result of restructuring charges.

Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

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Deutsche Bank is to axe vast swathes of its trading desks in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis, in a restructuring that will see 18 , 000 jobs go and cost 7 . 4 billion euros .

Deutsche Bank (DE:DBKGn) plans to cut 18 , 000 jobs in a sweeping, 7 . 4 billion euro (£6.63 billion ) overhaul designed to turn around Germany's struggling flagship lender. The plan represents a major retreat from trading by Deutsche Bank , which for years had tried to compete as a major force on Wall

Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul © Getty 23 May 2019, Hessen, Frankfurt/Main: Christian Sewing, Chairman of the Management Board of Deutsche Bank, attends Deutsche Bank's Annual General Meeting in Frankfurt's Festhalle. Photo: Arne Dedert/dpa (Photo by Arne Dedert/picture alliance via Getty Images)

Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank.

Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs -- more than one in five of its 91,500 employees.

In the event, the bank said it would reduce headcount to 74,000 employees by 2022.

Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul © Reuters Outside view of the Deutsche Bank and the Commerzbank headquarters in Frankfurt, Germany, March 18, 2019. REUTERS/Ralph Orlowski

The bank's supervisory board met on Sunday to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis.

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Deutsche Bank is to axe vast swathes of its trading desks in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis, in a restructuring that will see 18 , 000 jobs go and cost 7 . 4 billion euros .

Frankfurt: Deutsche Bank is to axe vast swathes of its trading desks in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis, in a restructuring that will see 18 , 000 jobs go and cost 7 . 4 billion euros . The plan represents a major retreat from investment banking by

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Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul

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