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TEHRAN, May 24 - Germany's largest lender Deutsche Bank said Thursday it will slash over 7,000 jobs and dramatically scale back its investment banking activities as it seeks to turn the page on years of losses.
TEHRAN, Young Journalists Club (YJC) - The announcement came just hours before the bank's annual general meeting kicked off, where newly appointed chief executive Christian Sewing sought to reassure unhappy investors Deutsche is ready to do what it takes to return to profitability.
"We are not yet where we should be. Therefore we must act, and we must act swiftly and forcefully," Sewing told shareholders in Frankfurt.
In a statement, Deutsche said the number of full-time positions globally would fall from 97,000 "to well below 90,000". "The associated personnel reductions are underway," it added.
Deutsche did not mention which countries would be affected, but said a quarter of the jobs in its equities and sales trading business would be cut.
The jobs cull is the first big decision taken by Sewing, who unexpectedly replaced CEO John Cryan in early April.
Sewing had already signalled he was planning deep cuts at Deutsche's trouble-plagued investment banking arm, shifting the focus to more stable business activities such as retail banking, particularly in Europe.
"We remain committed to our corporate and investment bank and our international presence," Sewing said.
"We are Europe's alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well."
As part of the revamp, Deutsche added that it will reduce the investment bank's exposures by over 100 billion euros, or around 10 percent.
Deutsche also said it would step up its cost-cutting drive, aiming to reduce adjusted costs to 22 billion euros ($26 billion) in 2019, compared with 23 billion this year.
Source: AFP
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