The new DB head Christian Sewing is carrying out a radical reorganization of the business. Sewing replaced previous CEO John Cryan. Most of the changes are planned for implementation this year.
DB is planning plans to reduce more than 7,000 jobs. In the course of the restructuring, the number of employees of the financial institution is planned to decrease from the current 97,000 to “well below” 90,000, reads the statement released on Thursday, May 24. The statement came out before the bank’s shareholders meeting.
Reuters said citing its own sources that up to 10 thousand people will lose jobs. DB in recent years earlier closed hundreds of branches and cut thousands of jobs.
Christian Sewing, who took office in April, plans to radically overhaul the business. A quarter of jobs to be cut are in the division equities sales and trading business.
In addition, the bank plans to reduce 100 billion euros in revenues from investment and service companies, representing about 10 percent of funds received in Q1 2018. In hedge funds sector, the bank intends to cut revenues by a quarter, or by 50 billion euros.
“We remain committed to our Corporate & Investment Bank and our international presence — we are unwavering in that,” Sewing said Thursday. “However, we must concentrate on what we truly do well.”