Deutsche Bank to Shrink Workforce by About 26,000 in Revamp
- Company will exit 10 countries including Mexico, Norway
- Dividend will be suspended for two years to improve capital
Is Deutsche Bank’s Revamp Enough to Turn it Around?
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Deutsche Bank AG said it will shrink the by about 26,000 people by 2018 as co-Chief Executive Officer John Cryan seeks to improve returns. The shares fell.
The lender will cut about 9,000 jobs on a net basis, almost 10 percent of staff it expects to have at end of the year, and others will leave the company as businesses are sold, Deutsche Bank said on Thursday. The bank will close operations in 10 countries including Mexico, Norway and New Zealand, and move trading businesses from Brazil to global and regional hubs, and reduce the number of investment banking clients.