Deutsche Bank Says It Will Cut at Least 7,000 Jobs in Revamp

Lender to reduce headcount by a quarter at equities business
Bank says results this year affected by restructuring charge

Deutsche Bank’s Paul Achleitner is running out of chances, says Hans-Christoph Hirt of Hermes Equity Ownership.(Source: Bloomberg)

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By Steven Arons

May 24, 2018 at 5:37 AM UTC

Updated on

May 24, 2018 at 9:13 AM UTC

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Deutsche Bank AG will cut a quarter of equities jobs and reduce overall positions by at least 7,000 as Chief Executive Officer Christian Sewing seeks to slash costs and boost profitability.

The reductions will take the number of jobs at the Frankfurt-based lender to well below 90,000 and lead to a restructuring charge of as much as 800 million euros ($935 million) this year, it said in a statement on Thursday ahead of its annual shareholder meeting. The bank also plans to reduce funds at risk and seek to further drive down expenses.