Deutsche Bank to cut workforce by 15,000

Deutsche Bank said it was reducing its workforce by 15,000 as new Chief Executive John Cryan seeks to improve returns at Germany's biggest bank.

PHOTO: REUTERS

OCT 29, 20154:21 PM

[FRANKFURT] Deutsche Bank said 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.

Separately, it plans to dispose of assets with a 4-billion-euro (US$4.37 billion) cost base and 20,000 jobs over the next 24 months.

People familiar with the matter told Reuters last month that as part of its revamp, Deutsche aims to cut about 23,000 jobs, or roughly a quarter of its workforce, by reducing technology activities and spinning off its Postbank unit.

REUTERS