The COVID-19 pandemic caused Deutsche Bank to pause one of several dramatic steps to improve itself — a global layoff of 18,000 staff members — but new economic pressures are causing the German banking giant to revive its headcount reduction. The about-face is in contrast to HSBC, which recently put the brakes on a layoff… Read More >>
Deutsche Bank to Lay Off 18,000 Employees
Deutsche Bank is taking a dramatic step to revive its good fortunes by severely cutting back its investment banking activities, resulting in a global layoff of 18,000 staff, an executive shake-up, and aggregate charges totaling €3 billion ($3.4 billion) for the second quarter of this year. “The restructuring actions will include a workforce reduction of… Read More >>
Deutsche Bank Shuffles Execs for 2019
In the wake of major outflows from its asset management business, Deutsche Bank’s supervisory board is shuffling executives, particularly Nicolas Moreau, who will no longer run the asset management unit by the end of 2018. The German banking giant’s asset management business reported €3 billion ($3.4 billion) of net outflows for the third quarter of… Read More >>
Deutsche Bank Overhauls Equities & Plans to Lay Off 7,000
Deutsche Bank managers will be laying off 7,000 staff members as they “significantly reshape” the equities sales and trading businesses and will retreat from key markets to “concentrate on what we truly do well,” says Christian Sewing, CEO of the firm’s management board, in an official announcement. Timed for its annual general meeting (AGM) on… Read More >>
New Deutsche Bank CEO to Snap the Line
Deutsche Bank’s supervisory board is replacing CEO John Cryan after less than three years on the job, following persistent losses for the German banking giant, and citing the need for “a new execution dynamic in the leadership of our bank.” The bank is hoping that Christian Sewing will snap the line and bring a new… Read More >>
