Deutsche said one in four equities sales and trading jobs, which are mainly located in New York and London, would be axed. The bank’s global headcount is expected to fall from just over 97,000 to well below 90,000. The firm said it would not provide a breakdown at this stage but that all regions would be affected.
Deutsche’s new chief executive, Christian Sewing, said: “We remain committed to our corporate and investment bank and our international presence – we are unwavering in that. We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”
The move is part of a plan to scale back its global investment bank and refocus on Europe after three consecutive years of losses. Last month the bank said it would pare back US bond trading, global stock trading and its business serving hedge funds.
The news came a few hours before the group’s annual shareholder meeting in Frankfurt, where Paul Achleitner, who has chaired Deutsche since 2012, faced a no-confidence motion over the company’s poor performance.
Redundancy packages and other restructuring costs will result in charges of up to € 800 million this year, hitting profits. Deutsche’s shares fell almost 6% in trading on Thursday.
