FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) will cut global staff numbers by more than 7,000 in the first major move by its new CEO to reduce costs and restore profitability after years of false starts.
Germany’s biggest bank said on Thursday it would reduce global headcount to well below 90,000 from the current 97,000, with staff numbers in equities sales and trading falling by 25 percent. The bulk of those jobs are in New York and London.
After an abrupt management reshuffle last month, Deutsche Bank said it aimed to scale back its global investment bank and refocus on Europe and its home market after three consecutive years of losses. It had flagged cuts to U.S. bond trading, equities, and the business that serves hedge funds.
“We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,” Chief Executive Christian Sewing said in a statement on Thursday.