Deutsche Bank has confirmed plans to cut 18,000 jobs across its global business, with the layoffs coming two months after the company’s chief executive, Christian Sewing, promised shareholders tough cutbacks to save over €1bn.
Job losses come just over a year after the bank slashed 6,000 jobs across its global business, as part of a first round of restructuring.
It flagged the need for further “extensive restructuring” in May, paving the way for the next tranche of major job losses which will impact on 20% of its global workforce.
Mr Sewing said: “We have announced the most fundamental transformation of Deutsche Bank in decades.
“We are determined to generate long-term, sustainable returns for shareholders and restore the reputation of Deutsche Bank.”
The restructure comes after the bank suffered multiple blows to its reputation in recent years, including failed stress tests in the US and raids by German police in November as part of money laundering investigations.
Paul Achleitner, chairman of the bank’s supervisory board, said:
“This fundamental transformation is the right response to the major changes and challenges in the financial industry.”