Deutsche Bank: heavy restructuring of equity business
(CercleFinance.com) - Germany's leading lender, Deutsche Bank, which is today holding its AGM, has completed the strategic review of its Equity division, which it intends to significantly downsize.
The group wants to reduce the size of its Equity business by about 25%, which will result in reducing "Deutsche's" global workforce from 97,000 at present to a level that is "well below" 90,000. This will reduce the exposure of corporate and investment banking by over 100 billion euros, or about 10% of its current level (1,050 billion euros at the end of March).
In so doing, the group will continue to reduce its costs, which, in adjusted terms, should not exceed 23 billion euros in 2018, before 22 billion euros in 2019.
Corresponding restructuring charges of up to 800 million euros are expected to weigh on the group's FY 2018 accounts.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The group wants to reduce the size of its Equity business by about 25%, which will result in reducing "Deutsche's" global workforce from 97,000 at present to a level that is "well below" 90,000. This will reduce the exposure of corporate and investment banking by over 100 billion euros, or about 10% of its current level (1,050 billion euros at the end of March).
In so doing, the group will continue to reduce its costs, which, in adjusted terms, should not exceed 23 billion euros in 2018, before 22 billion euros in 2019.
Corresponding restructuring charges of up to 800 million euros are expected to weigh on the group's FY 2018 accounts.
Copyright (c) 2018 CercleFinance.com. All rights reserved.