Finance
Deutsche Bank Plans More Job Cuts After Traders Trail Peers
- Corporate bank records best quarter since turnaround started
- Fixed income trading slumps 17%, trailing Wall Street peers
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Deutsche Bank AG plans to cut about 800 senior back-office staff as Chief Executive Officer Christian Sewing steps up cost reductions amid a slowdown in the trading business that has fueled much of the lender’s growth.
Deutsche Bank announced the steps alongside first-quarter earnings that showed revenue from fixed-income trading slumped 17%, one of the worst performances among the investment banks that have reported results so far. The decline was offset by a 35% jump in revenue at the corporate bank, allowing the lender to post its strongest top line since 2016.