Germany's Deutsche Bank to cut 15,000 jobs

    Germany's Deutsche Bank to cut 15,000 jobs

    Oct.29, Berlin: Deutsche Bank is to cut 15,000 jobs - 9,000 full-time and 6,000 contractor roles - as it announced a third-quarter €6bn (£4.3bn) loss.
    The biggest bank in Germany said that it is also planning to sell businesses employing 20,000 people over the next two years.

    John Cryan, co-chief executive said by 2018, "we expect to see the benefits of our hard work and potentially be in the midst of a powerful turn-around.”

    The cuts represent just less than 15% of the firm's total workforce. The bank's shares fell 5.5 percent in Frankfurt trading.

    Deutsche is trying to cut €3.8bn of annual costs as European banks struggle with sluggish economic growth in their home markets and stricter regulation.

    The Oslo Times


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