Deutsche Bank: to cut 18,000 jobs as part of restructuring
(CercleFinance.com) - Deutsche Bank is to cut approximately 18,000 jobs and to exit its equities sales and trading business as part of a plan to improve long-term profitability.
The German lender said it plans to implement a cost reduction program designed to reduce adjusted costs by roughly 6 billion euros to 17 billion euros in 2022.
These measures are designed to allow Deutsche Bank to focus on its core businesses of corporate banking, financing, foreign exchange, origination and advisory, private banking, and asset management, it said.
As a result, the bank expects one-off charges including impairments, restructuring costs and severance payments of 7.4 billion euros by 2022.
The shares were up this morning in Frankfurt after all these announcements, gaining 3.9% at 7.4 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The German lender said it plans to implement a cost reduction program designed to reduce adjusted costs by roughly 6 billion euros to 17 billion euros in 2022.
These measures are designed to allow Deutsche Bank to focus on its core businesses of corporate banking, financing, foreign exchange, origination and advisory, private banking, and asset management, it said.
As a result, the bank expects one-off charges including impairments, restructuring costs and severance payments of 7.4 billion euros by 2022.
The shares were up this morning in Frankfurt after all these announcements, gaining 3.9% at 7.4 euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.