US News: Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul - PressFrom - United Kingdom
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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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FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) plans to cut 18 , 000 jobs in a sweeping, 7 . 4 billion The bank will scrap its global equities business and scale back its investment bank . It expects a 2.8 billion euro (.1 billion ) net loss in the second quarter as a result of restructuring charges.

Related: Deutsche Bank to slash jobs in retreat from Wall Street. The company is now giving more details on the plans, which include cutting jobs at its equities sales and trading business by about a quarter. "We remain committed to our Corporate & Investment Bank and our international presence

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 has been struggling for years with the decline of its investment bank and has made several attempts to revamp its business. It is thought that the latest plan will be the most ambitious so far and it has already prompted the resignation of one top executive.

Deutsche Bank said the job cuts would reduce the total number of its employees to about 90, 000 . It added that it would also seek to reduce its leverage exposure in its corporate and investment bank by 100 billion euros , or 7 billion , a cut of about 10 percent.

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 preparing to unveil a sweeping, multi- billion euro overhaul within days that would see the axe fall heaviest on investment bankers . The bank 's supervisory board is expected to meet Sunday to discuss the restructuring, which could see as many as 20, 000 job cuts , sources have said.

Deutsche Bank is preparing to unveil a sweeping, multi- billion euro overhaul within days that would see the axe fall heaviest on investment bankers * Supervisory board due to meet Sunday to discuss cuts - sources. * Bank seeks to cut up to 20, 000 jobs - sources. * Follows CEO pledge on "tough

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