Skip to content
Subscriber Only

Deutsche Bank Plans About Half of 18,000 Job Cuts in Germany

  • Germany will see ‘a good share’ of cuts, CEO Sewing has said
  • London said to be hit disproportionately hard, U.S. less so
Bloomberg business news
Deutsche Bank Plans About Half Its 18,000 Job Cuts in Germany
Updated on

Deutsche Bank AG intends to make about half its planned 18,000 job cuts in Germany as it relies on savings at the retail units to lower costs, according to people familiar with the matter.

The lender employed about 41,700 people in its home market at the end of last year, out of a total of 91,700. Outside Germany, London will also be hit especially hard, partly because of Brexit, while the U.S. may see a lower share of front-office cuts once the bank has exited its equities trading business, the people said, asking not to be identified because talks are ongoing.