Deutsche Bank Cuts Wall Street Ambition to Focus on Europe
- Firm to reduce U.S. rates, plans to cut back global equities
- Marks retreat from years of trying to compete with Wall Street
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Deutsche Bank AG is abandoning its ambitions to be a top global securities firm as it embarks on possibly the most sweeping overhaul yet of its struggling investment bank.
Germany’s largest lender will scale back U.S. rates sales and trading, reduce the corporate finance business in the U.S. and Asia, and review its global equities business with a view toward cutting it back, the bank said in a statement Thursday. The measures will lead to a “significant reduction” in the roughly 97,100-person workforce this year, it said.