Deutsche Bank could cut up to 20,000 jobs

Image copyright Reuters
Image caption “We’re prepared to make tough cutbacks,” said CEO Christian Sewing earlier this year

Up to 20,000 jobs could be axed at Deutsche Bank in a radical reorganisation of Germany’s biggest bank.

The investment bank is expected to be particularly hard hit, with many of the cuts set to affect London and New York.

The supervisory board of Deutsche Bank is expected to approve the plan on Sunday.

*****************************************************

Recommended For You

ConversioBot Extreme ("Next-Generation" Bots)

Internet’s #1 Chatbot For Websites. “AI” Technology Designed To Get You More Leads and More Sales On Autopilot! LOWEST One-Time Launch Special Price Today ONLY!

10xHostings Pro Personal - Grow Business 10 Times Faster With 5 Times More Profits INSTANTLY and 500

PERFECT Partner To Make 5 Times Profits Faster and Easier Than Ever Before with Advance Drag-n-Drop Wix Style Page Builder, Complete Email Marketing Solution to shoot your mails to unlimited subscribers, Smooth eComm Site builder, FREE Cloud Storage of 25GB

*****************************************************

The reorganisation of the business follows the failure of merger talks with rival Commerzbank in April.

The German government had supported the tie-up, hoping it would create a national champion in the banking industry.

However, both banks concluded that the deal was too risky, fearing the costs of combining might have outweighed the benefits.

Chief executive Christian Sewing, who took on the top job just over a year ago, told shareholders at the annual general meeting in May that he would “accelerate transformation” by focusing the bank on “profitable and growing” businesses.

“I can assure you: we’re prepared to make tough cutbacks,” he said.

Resignation

The 20,000 job cuts would be equivalent to a fifth of the company’s global workforce.

With almost 8,000 staff, London is the home of its biggest investment operations.

Deutsche Bank has been struggling for years with the decline of its investment bank and has made several attempts to revamp its business.

*****************************************************

Recommended For You

LEADX PRO

PRO version of LEADX

Long Tail Pro Monthly Pro Plan

Long Tail Pro is the fastest, most effective way to find keywords that will help your website rank in search engines. The Long Tail Pro Starter plan includes access to Long Tail Pro's entire suite of keyword research tools, including keyword lookups, re

*****************************************************

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.

On Friday, the bank announced that its head of investment banking, Garth Ritchie, was leaving.

Image copyright Reuters
Image caption Deutsche Bank headquarters were raided by prosecutors last year

As well as poor financial performance, Deutsche Bank has also been caught up in banking scandals.

Late last year prosecutors raided its headquarters in a money-laundering investigation.

They were looking into whether Deutsche Bank staff helped clients set up offshore accounts to transfer money from criminal activities.

Deutsche has also been connected with another huge money-laundering scandal at Denmark’s Danske Bank.

Last year Danske Bank said that it had detected billions of dollars of suspicious payments at its Estonian operation.

Deutsche Bank admitted it had processed some of Danske’s Estonian transactions, but had terminated its relationship with with the bank in 2015 after “identifying suspicious activity”.

Related Topics

Original Article : HERE ; This post was curated & posted using : RealSpecific

This post was curated & Posted using : RealSpecific

Thank you for taking the time to read our article.

If you enjoyed our content, we'd really appreciate some "love" with a share or two.

And ... Don't forget to have fun!

Recommended

PSFX 3 - Social Studio FX Professional

Includes 51,000 Done For You Templates That You can Use as your own or Your Clients. Create stunning social media graphics with a simple drag and drop, user friendly interface.

Live Event Blaster Pro - VMB

Create and stream YouTube live events from your local video files.

OptinJoy Front End Premium-DS

OptinJoy Front End Premium

Leave a Reply