Deutsche Bank starts cutting London jobs with 18,000 at risk worldwide

Deutsche Bank cut job london new york germany bank invest

GERMANY'S Deutsche Bank has said it will cut 18,000 jobs by 2022 to increase profitability and boost shareholder returns - with workers in London and NY to be hit hard.

By 2022, the Bank intends to reduce its workforce to 74,000 employees, and the restructuring operation is expected to cost approximately $8.3 billion over three years.

A spokeswoman for Deutsche Bank declined to comment.

"Today we have announced the most fundamental transformation of Deutsche Bank in decades", chief executive Christian Sewing said, according to BBC.

It had hoped to stabilise its perilous position through a merger with fellow German firm Commerzbank but scrapped plans in April, saying the risks and costs involved were too great.

Deutsche Bank officials had previously denied reports they had planned further United States restructuring measures.

Paul Achleitner, chairman of the bank's supervisory board, said: "Deutsche Bank has been through a hard period over the past decade, but with this new strategy in place we now have every reason to look forward with confidence and optimism". The equities business is focused largely in NY and London.

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A man holds bags and suit carriers as he leaves the offices of Deutsche Bank AG in London, U.K., on Monday, July 8.

Several workers were seen leaving the offices holding large envelopes with the bank's logo.

In 2018, Deutsche cut 6,000 jobs, The Guardian says. In order to settle balance sheet items amounting to 74 billion euros from these business units, the bank will create an internal "bad bank".

"It's a risky maneuver, but if it succeeds, it has the potential to bring the bank back on course", a person close to one of the top 10 biggest shareholders said. A Hong Kong-based equities trader told Reuters that the mood inside his division was "pretty gloomy" as employees were being called to meetings.

The investment bank is expected to be particularly hard hit, with numerous cuts set to affect London and NY. The equities business is focused largely in NY and London. "They give you this packet and you are out of the building", he said.

"We remain committed to our global network and will help companies to grow and provide private and institutional clients with the best solutions and advice for their respective needs - in Germany, Europe and around the globe", Sewing said on Sunday.

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