Deutsche Bank to sack over 7,000 employees

Deutsche Bank is planning to get its global staff count below 90,000

Deutsche Bank is cutting more than 7,000 jobs to reduce costs and restore profitability while maintaining its global reach as its new chief executive seeks to reassure investors and clients.

Germany's largest lender Deutsche Bank today said it will cut over 7,000 jobs and dramatically scale back its investment banking activities as it tries to turn the corner on years of losses.

The German bank's supervisory board met on Wednesday evening to talk about job cuts and other details of a broad restructuring plan ahead of the company's annual general meeting on Thursday.

Last month the bank flagged cuts to U.S. bond trading, equities, and its business serving hedge funds.

The reductions will decrease the investment bank's leverage exposure by €100 billion, or 10%, with most of the cuts to take place this year, Deutsche said. It said the reductions were already "under way".

The bank's shares, down more than 31 percent this year, opened 0.4 percent higher.

Newspaper reports said Sewing was planning to sharply reduce Deutsche Bank's presence in the United States market and to start cutting activity in the Central Europe, Middle East and Africa region (CEEMEA).

"We are reviewing our advisory and equities footprint in SA with a view to scaling back our activities in these areas‚" he said late on Wednesday night.

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"In investment banking it is the same as there are still good European investment banks which can provide a good service to German industry".

"It would appear that Deutsche Bank does buck the trend of that, but of course, investment banking is not really an indicator of the overall strength of a manufacturing economy such as Germany's", said Al Jazeera's Brennan. According to the Financial Times, European banks lost more ground on their USA rivals in the first quarter with the likes of HSBC, Société Générale and BNP Paribas reporting disappointing trading performances in their investment banking divisions.

Its ranking for investment banking fees fell to 10th from 8th in the Americas between 2010 and 2017, to 15th from 6th in Asia-Pacific and to 3rd from 2nd in Europe.

"We view this as confirmation of our view that drastic but necessary restructuring is impossible at this stage", KBW wrote. "We'll have to further adapt our revenue, cost, and capital structure", he had said, reported Reuters. Since then, it has been trying to cut costs and placate unhappy shareholders who are sick of seeing the bank's stock trail peers like JPMorgan Chase.

"We would have liked to see concrete announcements at today's shareholder meeting", he told Reuters. "We need clarity on how the decisions will affect the bottom line".

Shareholders, fed up with a languishing share price and dwindling revenues, said they would call on the bank's management to speed up the recovery process.

Deutsche Bank's 98,000-strong workforce was already facing a cut of 9,000 jobs by 2020 as part of a plan begun under John Cryan, Mr Sewing's predecessor. Mr...

He also warned of a tough outlook: "In the second quarter, the revenue situation remains challenging, particularly for the corporate and investment bank".

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