Deutsche Bank to lay off over 7,000 staffers in investment bank revamp
Updated : May 24, 2018 11:33 AM IST
Deutsche Bank will shrink global staff to well below 90,000 from the current 97,000, as part of a broad restructuring move to reduce costs and restore profitability, it said on Thursday.
The bank said that it would cut headcount by 25 percent in its equities sales and trading business following a review of the business.
The reductions will decrease the investment bank's leverage exposure by 100 billion euros, or 10 percent, with most of the cuts to take place this year, Deutsche said.