Deutsche Bank to axe over 7,000 jobs globally

BP_Deutsche

The redundancies will be focused in the German lender's investment bank, which employs more than 8,000 people in the UK.

Deutsche's new chief executive, Christian Sewing, said: "We remain committed to our corporate and investment bank and our global presence - we are unwavering in that".

"We are not yet where we should be. Therefore we must act, and we must act swiftly and forcefully", Sewing told a sceptical audience in Frankfurt.

In a statement ahead of the meeting, Deutsche said the number of full-time positions globally would fall from 97,000 "to well below 90,000", adding that the personnel reductions were already underway.

Deutsche Bank is slashing more than 7,000 jobs to cut costs and restore profitability, while keeping its worldwide reach as its new chief executive seeks to reassure investors and clients.

The CEEMEA desk specializes in trading emerging-market securities and had been singled out as one area where Deutsche Bank needs to reassess how it competes with other investment banks, the people said.

He also warned of a tough outlook: "In the second quarter, the revenue situation remains challenging, particularly for the corporate and investment bank".

"Deutsche Bank is deeply rooted in Europe - here we want to provide our clients access to global financing and treasury solutions. However, we must concentrate on what we truly do well". Sewing said the bank was committed to its worldwide investment banking operations but must "concentrate on what we truly do well".

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For context, Deutsche has about 10,300 workers in the USA alone.

The shareholder meeting comes after months of turmoil for the loss-making lender. And while Cryan, too, led a reduction in headcount of about 4,000 over his three year tenure, it pales in comparison to what now CEO Christian Sewing may soon be overseeing over a two year period.

"It would appear that Deutsche Bank does buck the trend of that, but of course, investment banking is not really an indicator of the overall strength of a manufacturing economy such as Germany's", said Al Jazeera's Brennan.

But Sewing struggled to win over the crowd in Frankfurt.

The news that Deutsche Bank A.G. In pre-market activity on the NYSE, shares were at $12.48, down 3.11%.

The bank is also under pressure from credit ratings agencies, with Standard & Poor's expected to say by the end of the month whether it will cut its rating after putting it on "credit watch" in April.

Deutsche even reported a bigger-than-expected net loss of €735 million in 2017, which it blamed mainly on US President Donald Trump's corporate tax reform. In 2018, as already announced, the bank envisages adjusted costs not to exceed €23 billion.

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