Deutsche Bank to axe 18,000 jobs worldwide in radical restructuring

Deutsche Bank to axe 18,000 jobs worldwide in radical restructuring

Germany's biggest lender bank Deutsche Bank will slash around one in five of its workforce, an unprecedented round of departures for the bank.

Up to 18,000 jobs will be axed at Deutsche Bank in a radical reorganisation of Germany's biggest bank.

In addition, the bank plans to resize its Fixed Income operations in particular its Rates business and will accelerate the wind-down of its existing non-strategic portfolio.

The plan represents a major retreat from investment banking by Deutsche Bank, which for years had tried to compete as a major force on Wall Street. With a stock price down by half in the past two years, selling new shares wasn't an option and the bank said it does not plan a capital increase to pay for the overhaul.

In a statement, the bank's CEO Christian Sewing said, "This is a restart for Deutsche Bank - for the long-term benefit of our clients, employees, investors and society".

The bank went three years consecutively without turning an annual profit before recording positive earnings for 2018.

Paul Achleitner, the chairman of Deutsche'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".

Most of the staff employed in that division are based in London, New York and Hong Kong.

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The restructuring could be a last chance for Deutsche after much-hyped merger talks with crosstown rival Commerzbank fell through earlier this year.

Including the charges related to the restructuring described above, Deutsche Bank expects to report a second quarter 2019 loss before income taxes of approximately Euro 500 million and a net loss of Euro 2.8 billion.

Deutsche Bank has taken multiple blows to its reputation over the past year, The Guardian report noted.

On Friday, Garth Ritchie, the head of Deutsche's South African investment banking unit, was first out of the door. Its shares fell to a record low last month.

Founded in 1870, Deutsche has always been a major source of finance and advice for German companies seeking to expand overseas or raise money through the bond or equity markets, a role which had the tacit backing of successive governments in Berlin.

The bank also announced that Chief Regulatory Officer Sylvie Matherat and retail head Frank Strauß will be leaving the company.

He also created a corporate bank to streamline services offered throughout the bank, something Sewing called a "core strength".

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