CEO Christian Sewing of Deutsche Bank is planning to cut jobs by more than a fifth of the total headcount in the largest restructuring efforts in the year. As per a media report, this decision cab put up to 20,000 jobs on the line.
Though the final decision of the same has not been taken yet and the bank is likely to announce the details by July 8.
The company’s statement was quoted by an agency which said “Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability. We will update all stakeholders if and when required.”
The CEO has promised to take tough measures to restore the bank’s profitability after the merger talks with Commerzbank AG in April failed. Ever since Christian Sewing has taken charge, the staff strength has already reduced over by almost 4,000.
Especially in the US, the bank’s investment banking division that includes trading equities and interest rate derivative divisions are expected to take the pressure of the revamp.
A media report also said that the measures might see top positions vacated that includes investment banking head Garth Ritchie, Chief Regulatory Officer Sylvie Matherat and Chief Financial Officer James Von Moltke.