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Deutsche Bank to cut at least 7,000 jobs

Staff Writer |
Deutsche Bank is cutting more than 7,000 jobs to reduce costs and restore profitability while maintaining its international reach.

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Deutsche Bank said global headcount would fall to well below 90,000 from 97,000, with a 25 percent cut in equities sales and trading jobs, which are mainly in New York and London and where it has been losing ground to U.S. rivals.

Deutsche Bank did not give a specific number, but a person with knowledge of the matter told Reuters ahead of the lender’s annual general meeting on Thursday that it was aiming to axe 10,000 positions.

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