Stock Market News
Deutsche Bank to make 'significant' job cuts
Deutsche Bank's new chief executive Christian Sewing announced a series of "painful but regrettably unavoidable" job cuts as the German bank looked to scale back its corporate and investment banking operations.
Deutsche Bank, which employs around 97,000 people around the globe, with about 40,000 of its employees working in its corporate and investment banking arm, let go of its previous chief executive, Paul Cryan, earlier in April after it posted an annual loss of 500m at the end of February.
The cuts will centre on its US and Asian operations, Deutsche Bank said, which could reportedly put thousands of jobs at risk.
"These reductions are painful but regrettably unavoidable to ensure our bank's competitiveness in the long run," Sewing said on Thursday.
"Deutsche Bank is deeply rooted in Europe - here we want to provide our clients access to global financing and treasury solutions," he added. "This is what we will focus on more decisively."
Deutsche currently employs 10,000 people in the US, the majority of which worked within its corporate and investment banking unit, while in the Asia-Pacific region, it has 21,000 employees.
As of 1400 BST, shares had declined 1.25% to 11.84 per share.
Deutsche Bank, which employs around 97,000 people around the globe, with about 40,000 of its employees working in its corporate and investment banking arm, let go of its previous chief executive, Paul Cryan, earlier in April after it posted an annual loss of 500m at the end of February.
The cuts will centre on its US and Asian operations, Deutsche Bank said, which could reportedly put thousands of jobs at risk.
"These reductions are painful but regrettably unavoidable to ensure our bank's competitiveness in the long run," Sewing said on Thursday.
"Deutsche Bank is deeply rooted in Europe - here we want to provide our clients access to global financing and treasury solutions," he added. "This is what we will focus on more decisively."
Deutsche currently employs 10,000 people in the US, the majority of which worked within its corporate and investment banking unit, while in the Asia-Pacific region, it has 21,000 employees.
As of 1400 BST, shares had declined 1.25% to 11.84 per share.
Related share prices |
---|
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price