Deutsche Bank said Thursday it was reducing its workforce by 15,000 as new Chief Executive John Cryan seeks to improve returns at Germany’s biggest bank.
The lender said it would axe 9,000 full-time jobs and 6,000 external contractor positions.
© AFP | Deutsche Bank’s headquarters in Frankfurt, Germany
The bank will also shed businesses employing some 20,000 staff. Three quarters of the 20,000 jobs to go are at German retail unit Postbank, which Deutsche Bank is spinning off.
The job cuts come after the bank, Germany’s largest lender, earlier on Thursday posted a 6 billion euro ($6.6 billion) loss for the third quarter, in line with its recent profit warning.
Cryan, who took charge in July, is under pressure to overhaul Deutsche, which is struggling to end costly litigation from past scandals and adapt to tighter banking regulations.
“I do not think that 2016 and 2017 will be strong years,” Cryan warned at a press conference on Thursday.
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