Deutsche Bank to cut 18,000 jobs - Laws vital to limit bank staff risks

Deutsche Bank to cut 18,000 jobs - Laws vital to limit bank staff risks

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 tackling what is necessary to unleash our true potential — our business model, costs, capital, and the management team.

“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:

Deutsche Bank has been through a difficult period over the past decade, but with this new strategy in place we now have every reason to look forward with confidence and optimism.

“This fundamental transformation is the right response to the major changes and challenges in the financial industry.”

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