Deutsche launches plan to recover from years of losses
Germany's largest lender Deutsche Bank has decided to slash over 7,000 jobs as part of a larger plan to recover from years of losses.
"The number of full-time equivalent positions is expected to fall from just over 97,000 currently to well below 90,000. The associated personnel reductions are underway," the bank said in a statement on Thursday.
The decision has been made by Deutsche Bank's new Chief Executive Christian Sewing who took office in early April, replacing John Cryan.
Sewing vowed to make a drastic shake-up of the bank's corporate and investment banking units to convince investors about the bank’s seriousness to return to profitability.
Meanwhile, the bank plans to reduce its leverage exposure by over 100 billion euros with the majority of the reduction to be achieved "by the end of this year".
"We remain committed to our corporate and investment bank and our international presence -- we are unwavering in that… We are Europe's alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well," the statement added.
Deutsche is set to hold its general meeting in Frankfurt where management can expect a grilling from shareholders.
Observers say the meeting is likely to be a stormy one with investors angry at poor performance of the bank in attendance.
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