Deutsche Bank is cutting more than 7,000 jobs

Germany's biggest bank is cutting more than 7,000 jobs.Deutsche Bank on Thursday announced plans to overhaul p...

Posted: May 24, 2018 1:05 PM
Updated: May 24, 2018 1:05 PM

Germany's biggest bank is cutting more than 7,000 jobs.

Deutsche Bank on Thursday announced plans to overhaul parts of its investment banking business and slash costs.

It said the measures are expected to reduce its number of full-time staff members from just over 97,000 to "well below 90,000."

It's the latest effort by Deutsche Bank to turn around its business after years of losses. Last month, it ousted CEO John Cryan, replacing him with Christian Sewing, who has spent his entire career at the bank.

Sewing announced soon after taking over that job cuts were coming.

He said in late April that Deutsche Bank's investment banking business would focus on serving its core European client base and reduce its commitment to the United States and Asia. He also announced a review of its global equities business.

The moves would bring "painful" cutbacks, he warned.

Related: Deutsche Bank to slash jobs in retreat from Wall Street

The company is now giving more details on the plans, which include cutting jobs at its equities sales and trading business by about a quarter.

"We remain committed to our Corporate & Investment Bank and our international presence -- we are unwavering in that," Sewing said Thursday. "However, we must concentrate on what we truly do well."

Deutsche Bank has already closed hundreds of bank branches in recent years and eliminated thousands of jobs in cost-cutting efforts.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 36096

Reported Deaths: 2231
CountyConfirmedDeaths
Marion10095598
Lake3833203
Allen175371
Cass15927
Elkhart149528
St. Joseph133736
Hendricks119276
Hamilton118394
Johnson1121112
Madison59961
Porter55830
Clark53041
Bartholomew52739
LaPorte44624
Howard44036
Tippecanoe4294
Jackson3992
Shelby39722
Delaware38940
Hancock35127
Boone32435
Floyd32340
Vanderburgh2892
Morgan28426
Noble26821
Montgomery24818
Clinton2461
White2389
Decatur23131
Grant22523
Dubois2093
Harrison19522
Henry18412
Kosciusko1792
Vigo1788
Marshall1782
Greene17225
Dearborn17022
Monroe17012
Lawrence16724
Warrick16729
Miami1441
Putnam1427
Jennings1324
Orange13122
Scott1263
Franklin1168
LaGrange1162
Ripley1086
Daviess9916
Carroll943
Steuben882
Wayne866
Wabash802
Fayette797
Newton7810
Jasper731
Jay540
Clay533
Randolph523
Rush513
Washington501
Fulton501
Pulaski500
Jefferson491
Whitley453
DeKalb441
Starke393
Perry390
Huntington382
Sullivan371
Owen341
Wells340
Brown331
Benton320
Knox310
Blackford272
Tipton261
Crawford240
Fountain222
Switzerland210
Spencer211
Adams211
Gibson192
Parke180
Posey160
Martin130
Ohio130
Warren121
Vermillion100
Union90
Pike60
Unassigned0179

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 37282

Reported Deaths: 2340
CountyConfirmedDeaths
Franklin6216293
Cuyahoga4732259
Hamilton2767167
Marion268631
Lucas2313263
Pickaway209638
Summit1505181
Mahoning1466191
Butler94832
Columbiana89152
Stark782101
Lorain72260
Montgomery72016
Trumbull59451
Belmont44715
Warren39821
Medina37625
Tuscarawas3674
Miami36630
Delaware35514
Ashtabula34738
Portage33357
Lake32012
Fairfield3148
Clark3137
Wood30449
Geauga30034
Wayne29351
Licking26710
Mercer2238
Allen21933
Clermont2185
Richland2164
Darke18923
Erie18516
Madison1637
Washington11819
Crawford1184
Morrow1081
Greene1055
Ottawa10417
Putnam9514
Sandusky8512
Monroe8015
Auglaize773
Ross732
Hardin710
Hocking705
Jefferson672
Huron611
Williams561
Union551
Muskingum541
Holmes543
Hancock531
Wyandot482
Shelby463
Fulton450
Coshocton450
Clinton451
Logan430
Fayette410
Preble391
Guernsey382
Defiance342
Carroll343
Lawrence311
Brown301
Champaign281
Seneca262
Highland261
Knox251
Vinton212
Ashland210
Perry191
Athens181
Henry170
Scioto170
Jackson140
Paulding140
Adams111
Harrison100
Pike90
Gallia81
Van Wert70
Meigs60
Noble60
Morgan50
Unassigned00
Fort Wayne
Few Clouds
82° wxIcon
Hi: 88° Lo: 63°
Feels Like: 85°
Angola
Clear
82° wxIcon
Hi: 85° Lo: 62°
Feels Like: 85°
Huntington
Clear
81° wxIcon
Hi: 86° Lo: 63°
Feels Like: 83°
Decatur
Scattered Clouds
82° wxIcon
Hi: 88° Lo: 64°
Feels Like: 83°
Van Wert
Scattered Clouds
82° wxIcon
Hi: 87° Lo: 65°
Feels Like: 83°
Few Storms Friday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events