Deutsche Bank unveils major investment bank shake-up plans and big cuts
Deutsche Bank has announced plans for a substantial investment bank shake-up after reporting a sharp drop in profits, saying it will be significantly reducing its workforce.
It reported first quarter net profits of €120m – down 79 per cent on the same time last year.
Its corporate and investment bank will be shifted to focusing on its European and multinational clients, "while reducing its exposure to other areas".
Deutsche Bank will be scaling back operations in bond sales and equities trading, particularly in the US and Asia.
Read more: Deutsche Bank has appointed Frank Kuhnke as its new chief operating officer
Christian Sewing, the lender's new chief executive, said: “Deutsche Bank is deeply rooted in Europe – here we want to provide our clients access to global financing and treasury solutions. This is what we will focus on more decisively going forward.”
Deutsche Bank said reshaping the corporate and investment bank will mean headcount reductions in the affected regions and business areas.
Sewing added: “These reductions are painful but regrettably unavoidable to ensure our banks competitiveness in the long run.”
Read more: Deutsche Bank's new boss tells employees "tough decisions" will be taken
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