Deutsche Bank may slash up to 20,000 jobs: Reports

Deutsche Bank

Banking giant Deutsche Bank is considering to slash more than a fifth of its total headcount putting up to 20,000 jobs on the line, as per the media reports.

Deutsche Bank

The final decision is yet to be taken but the bank is likely to announce the details by July 8.

The media quoted a company statement which said: “Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability. We will update all stakeholders if and when required.”

Sewing promised ‘tough measures’ to restore the bank’s profitability, after the merger talks with Commerzbank AG in April failed. Staff strength has already been reduced over by almost 4,000 since Sewing took charge.

The bank’s investment banking division – especially in the US, and trading equities and interest rate derivative divisions are expected to take the brunt of the revamp.

The measures may see top positions vacated, among whom are investment banking head, Garth Ritchie, Chief Regulatory Officer Sylvie Matherat and Chief Financial Officer James von Moltke, the report said.

(With  inputs from online business news website )

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