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Deutsche Bank is planning to cut 10,000 jobs, or about a tenth of its global workforce, as part of efforts to reduce costs, The Wall Street Journal reported on Wednesday. The Journal, citing unnamed sources, reported that job cuts were likely to extend into 2019.
Separately, Bloomberg News reported the lender was planning to withdraw from a number of equities markets across the globe.
The Bloomberg report, which also cited unidentified people, said that Deutsche would sharply scale back its presence in the United States, and had started cutting activities in Central Europe, the Middle East, and Africa.
Deutsche Bank declined to comment.
The loss-making bank said last month that it was planning to scale back its global investment bank and that equities was one of the areas it was studying for possible reductions.
It has also said that it would cut back U.S. bonds trading and the business that services hedge funds.
The bank has been expected to announce further details of its strategy ahead of its annual general meeting, which takes place on Thursday.
Source – NDTV
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