Deutsche Bank starts cull of 18,000 jobs
The culling of 18,000 jobs at Deutsche Bank has started only hours after the lender unveiled its most radical strategic overhaul in two decades, with whole teams of equity traders in Europe, the US and Asia being dismissed on Monday morning.
Drawing a line under a 20-year attempt to break into the top ranks of Wall Street, chief executive Christian Sewing on Sunday unveiled plans to shut Deutsche’s loss-making equities trading business and shrink its bond and rates trading operations significantly.
Financial Times
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