Deutsche Bank is cutting more than 7,000 jobs to reduce costs and restore profitability, the company said on Thursday.
Headcount in equities sales and trading business, which are mainly in New York and London, will be cut by 25 per cent following a review.
“We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,” CEO Christian Sewing said in a statement. However, Sewing, who was named CEO in a management reshuffle last month, said a “challenging” revenue environment must be considered.
“We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”
The reductions will lower the bank’s leverage exposure €100 billion, or 10 per cent. The bank said most cuts will take place this year.
The announcement marks Deutsche’s intensified retreat from global investment banking, according to Sky News’ Ian King.