lolsee2 Posted July 7, 2019 Share Posted July 7, 2019 y copyrightREUTERS "We're prepared to make tough cutbacks," said CEO Christian Sewing earlier this year. Up to 20,000 jobs could be axed at Deutsche Bank as the company is set to announce plans for a global restructuring. The majority of cuts are expected in the City of London and Wall Street. The German banking giant has been beset with long-term problems, including the profitability of some operations and a falling share price. It tried several options to reorganise its business, including failed merger talks with rival Commerzbank in April. Reports suggest the company's board will approve a restructuring plan on Sunday, resulting in the loss of up to a fifth of the company's global workforce. Focus on profit Experts expect CEO Christian Sewing, who took on the top job just over a year ago, to announce bold changes in a signal to the markets that he has a turnaround plan. Mr Sewing told shareholders at the annual general meeting in May that he would "accelerate transformation" by focusing the bank on "profitable and growing" businesses. "I can assure you: we're prepared to make tough cutbacks," he said. London is the home of its largest investment operations, with a total of nearly 8,000 staff based in the UK. On Friday, it was announced that Garth Ritchie, the head of investment banking, is leaving. Source: BBC Link to comment Share on other sites More sharing options...
dMog Posted July 7, 2019 Share Posted July 7, 2019 well,when you get caught laundering money for Russia, and donald trump, and have to quit doing those illegal transactions...you gotta cut back on expenses somewhere Link to comment Share on other sites More sharing options...
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