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Deutsche Bank Axing Jobs, Dimming Lights in New York, London
In its latest move to cut costs and restore profitability, Deutsche Bank announced that it is slashing over 7,000 jobs, which will reduce its global workforce to below 90,000. Last week, ahead of its annual meeting, the 'word on the street' was that the firm was aiming to eliminate 10,000 jobs.
Today's moves include a 25% cut in equities sales and trading, and will mainly impact New York and London, where the bank has been losing market share. The bank has already dismissed 600 investment bankers over the past 7 weeks and will cut spending by 1 billion euros ($1.2 billion) by the end of 2019 in its investment bank.
DB shares are trading lower - down nearly 5% - as of 3 p.m. (ET).
Related Stories: Terminations/Cost Cutting
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Deutsche Bank Plans to Cut Up to 20,000 Jobs Globally
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A BNY Mellon Internal Struggle Pits DB Vets v. BNY Vets
June 6, 2019 -
‘Dreaded Bloodbath’ Has Begun at Goldman Sachs
March 14, 2019