Reports: Deutsche Bank cutting 23,000 jobs

Clara Guibourg
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Some 23,000 jobs are allegedly being cut (Source: Getty)

Deutsche Bank is laying off a quarter of its workforce, according to news agency Reuters.

Some 23,000 jobs are affected, mostly in the bank’s technology and back office operations and through selling its PostBank unit, sources have said.

The layoffs come just three months after new chief executive John Cryan took over the helm of the bank, promising to focus on cost savings and growing profits, to get Deutsche through its crisis.

After the cuts, the bank’s headcount will be brought down to 75,000 people.

A Deutsche Bank spokesperson declined to comment on the reports.

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