More than 7,000 employees at Deutsche Bank face redundancy as the firm's supervisory board confirmed part of its global restructuring plan ahead of its annual general meeting, which takes place today.
The bank said it is to cut more than 7,000 jobs, with hundreds of positions in London understood to be affected, City AM reports. Deutsche Bank announced this morning that it intends to cut the number of full-time positions from just over 97,000 to "well below" 90,000 as part of its global restructuring plans to cut costs and return to profit after three consecutive years of losses. Its new chief executive, Christian Sewing, said Deutsche remains committed to its corporate and investment bank and its international presence. Update: Deutsche Bank values asset management unit at €7.2...
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