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Deutsche Bank Resumes Job Cuts as Bosses Forgo a Month’s Pay

  • Lender in better position now for consolidation, Sewing says
  • Bank had stopped firings in March as coronavirus crisis hit
Bloomberg business news
Deutsche Bank Resumes Job Cutting Program, 18,000 Could Be Lost
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Deutsche Bank AG abruptly ended a hiatus on staff dismissals, becoming the first major bank to say it will resume job cuts after the coronavirus outbreak put the plans on hold.

“We decided to further accelerate our cost reduction program,” Chief Executive Officer Christian Sewing said in remarks prepared for the lender’s annual general meeting next week. “It’s precisely because the transformation is essential for the future of our bank and we bear responsibility for a sustainable business model that we will, unfortunately, have to resume these personal discussions.”