Germany’s struggling Deutsche Bank says it’s slashing thousands of jobs as it reshapes its stocks trading business and tries to limit costs.
The bank said Thursday it would cut its workforce from 97,000 to “well below” 90,000. It said the reductions were already “underway.”
The cuts will cost the bank some 800 million euros ($935 million) this year.
Deutsche Bank has struggled with high costs and troubles with regulators. The bank replaced its CEO in April after three years of annual losses and lagging progress in streamlining its operations.
New CEO Christian Sewing has said the bank would refocus on its European and German customer base and cut back on costlier and riskier operations where it doesn’t hold a leading position. Sewing said the bank was committed to its international investment banking operations but must “concentrate on what we truly do well.”
Sewing replaced John Cryan in April with a mandate to accelerate the banks wrenching restructuring. It has suffered billions in losses from fines and penalties related to past misconduct, and has struggled to reduce costs.
Board Chairman Paul Achleitner is to face disgruntled investors on Thursday at the bank’s annual shareholder meeting. The bank’s share price has sagged and it paid only a small dividend of 11 euro cents last year.