Is Deutsche Bank’s Revamp Enough to Turn it Around?
Deutsche Bank AG said it will shrink the lender’s workforce by about 26,000 people by 2018 as co-Chief Executive Officer John Cryan seeks to improve returns. The company will cut about 9,000 jobs on a net basis, almost 10 percent of the workforce it expects to have at end of the year, and others will leave as part of assets that will be sold, Deutsche Bank said on Thursday. The bank will close operations in 10 countries including Mexico, Norway and New Zealand, and move trading operations from Brazil to global and regional hubs.
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