Deutsche Bank to cut 15,000 jobs as it stumbles to €6bn loss

Germany’s biggest bank also plans to pull out of 10 countries and to sell units with another 20,000 workers

Deutsche Bank’s new chief executive John Cryan has vowed to chop the giant lender down to a more manageable size after it made a record loss of €6.01bn in the third quarter.

In a bid to return to a sustainable profit, Germany’s largest lender will slash its workforce, suspend its dividend for two years and pull out of 10 countries.

Mr Cryan said 9,000 permanent staff would lose their jobs, while a further 6,000 external IT contractors would go.

Selling off businesses and assets will reduce the bank’s headcount by another 20,000. Deutsche will close sites in Argentina, Chile, Mexico, Peru, Uruguay, Denmark, Finland, Norway, Malta, and New Zealand, and cut back operations in Brazil.

Mr Cryan said his plan would make the bank simpler, less risky, better capitalised and more responsible.

“Sadly, this also means closing some of our branches and country locations, and reducing some of our front-office and infrastructure staff too.

“This is never an easy task, and we will not do so lightly. I promise that we will take great care in this process, moving forward together with our workers’ representatives.”

Full article: Deutsche Bank to cut 15,000 jobs as it stumbles to €6bn loss (The Telegraph)

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