Deutsche Bank Cuts Fail to Inspire as CEO Races to Fix Firm
- Lender seeking to trim at least 7,000 jobs in Sewing overhaul
- Shares fall as much as 4.5 percent on concerns about targets
Deutsche Bank May Cut 10,000 Positions
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Deutsche Bank AG’s new chief executive officer is wasting no time overhauling Germany’s biggest lender more aggressively than his predecessors. Investors are wondering if it’s too little, too late.
Christian Sewing has committed to cutting almost 10 percent of jobs, retrenching in costly trading businesses and effectively giving up on competing head-to-head with Wall Street firms. The plans so far have failed to convince: Deutsche Bank shares fell to a new 17-month low on Thursday and they’re down about 7 percent since Sewing took over from John Cryan in early April.