Deutsche Bank (NYSE:DB) is to cut more than 7,000 jobs to lower costs and boost profits.
While it did not specify the number of job cuts, the German lender said its global headcount would fall well below 90,000 from 97,000.
It will cut 25% of jobs in equities sales and trading, mainly based in New York and London where it has faced tough competition.
The move forms part of the company’s wider plan to scale back its global investment bank and focus on its European business after three years of losses in a row.
Christian Sewing, who joined the group last month as chief executive, insisted the bank would keep its international reach despite a “challenging” revenue environment.
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“ We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,” Sewing said.
The restructuring has seen the bank get rid of 600 investment bankers over the past seven weeks. Deutsche Bank aims to reduce spending by €1bn by the end of 2019 in its investment bank.
“This reduction is already fully underway, and so far, due to the considered way we’ve handled this, we have not seen any meaningful revenue attrition,” Sewing said.
Shares fell 6.4% to US$12.04 each in early US trading.