Deutsche Bank's new co-chief executive Anshu Jain is to cut
1,500 jobs at the group's investment bank, which he helped build, as part of a
drive to save 3 billion euros ($3.69 billion) after a profit slump due to the
euro zone crisis, Reuters says. The cuts represent
about 15 percent of staff at the investment banking division, which for years
has generated the lion's share of profits. It also marks an about turn for the
German bank, which in April said it saw no need for layoffs.
The plan to cut a total of 1,900 jobs mostly outside Germany
comes as investment banks across the world are having to retrench to meet
stricter bank capital rules. The cost-cutting forms part of a broader overhaul
at Germany's biggest bank under new co-chief executives Jain and Juergen
Fitschen who took the helm in June….
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