Deutsche Bank will cut approximately 18,000 jobs over the course of the next three years as part of a major reorganization, BBC reported Sunday.
The rumors were confirmed by the bank, who said it would completely abandon all operations related to the buying and selling of shares.
According to the report, most of these operations are conducted in New York and London, with the latter Deutsche Bank’s largest trading hub – with some 8,000 employees. The announced cuts amount to some 20 percent of the bank’s workforce, The Guardian report says.
By 2022, the Bank intends to reduce its workforce to 74,000 employees, and the restructuring operation is expected to cost approximately $8.3 billion over three years.
“Today we have announced the most fundamental transformation of Deutsche Bank in decades,” chief executive Christian Sewing said, according to BBC. “This is a restart for Deutsche Bank… In refocusing the bank around