Friday 28 June 2019 4:35 pm

Deutsche Bank considers cutting up to 20,000 jobs

Deutsche Bank is contemplating cutting between 15,000 and 20,000 jobs from its global equities division according to reports from Bloomberg and the Wall Street Journal.

The news, revealed on Friday, would mean around 20 per cent of the company’s global workforce lose their jobs.

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A spokesperson for Deutsche Bank said: “As we said at the AGM on May 23, Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability.

“We will update all stakeholders if and when required.”

It comes a week after it was revealed by the Financial Times that the German Bank is planning a radical overhaul of its business.

It would see the bank dramatically reduce its US equities operation and move €50bn (£44.5bn) of assets into a new “bad bank.”

The bank’s CEO Christian Sewing is expected to announce the final overhaul plan at Deutsche Bank’s half year results in July, although nothing is final yet.

The firm has been under-performing compared with its rivals for several years and Sewing is reportedly ready to take radical action to improve that.

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Deutsche Bank’s equity division failed to make the global top 10 for revenues last year, according to UBS, while its market share declined from 6 per cent in 2014, to 3.5 per cent in 2018.

On Friday afternoon its share price was up around 3 per cent, although it had already risen earlier in the day after the bank passed the Fed’s stress tests.