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