Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany’s struggling flagship lender.
Last week, the head of Deutsche’s investment bank Garth Ritchie agreed to step down, marking a sign of the division’s waning influence.
Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs — more than one in five of its 91,500 employees.The bank did not disclose a geographic breakdown of the job cuts. The equities business is focused largely in New York and London. Stephan Szukalski, head of the DBV union, told Reuters that the measures were in the right direction.
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