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Deutsche Bank to cut 9,000 jobs, exit 10 countries
Economics

Deutsche Bank to cut 9,000 jobs, exit 10 countries

29.10.2015 From our online archive
Deutsche Bank announced Thursday it would cut 9,000 jobs and pull out of 10 countries in a new 3.8-billion-euro cost-cutting drive after it ran up record losses in Q3.

(AFP/NG) Deutsche Bank, Germany's biggest lender, announced Thursday it would cut 9,000 jobs and pull out of 10 countries in a new 3.8-billion-euro cost-cutting drive after it ran up record losses in Q3.

Deutsche Bank's new co-chief executive John Cryan told a news conference that the group planned to close onshore operations in 10 countries and reduce its work force by approximately 9,000 net full-time equivalent positions. The measures "are anticipated to produce gross cost savings of approximately 3.8 billion euros," Cryan said.

According to the Financial Times, Latin America will be predominantly impacted, with withdrawals occurring in Mexico, Chile, Argentina, Uruguay and Peru. In Europe, Deutsche Bank will withdraw from Denmark, Malta, Finland and Norway. The company also plans to exit New Zealand.

The news comes on the heels of Deutsche Bank's Q3 reporting. On Wednesday, the company announced it will not pay dividends in 2015 and 2016 as it undergoes major restructuring.

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