Deutsche Bank to cut 15,000 jobs

  29 October 2015    Read: 846
Deutsche Bank to cut 15,000 jobs
Deutsche Bank has said it will cut 15,000 jobs as it announced a third-quarter
Germany`s biggest bank said it would cut 9,000 full-time jobs and 6,000 contractor roles.

It is also planning to sell businesses employing 20,000 people over the next two years.

By 2018, "we expect to see the benefits of our hard work and potentially be in the midst of a powerful turn-around," said John Cryan, co-chief executive.

The company plans to spin off Postbank with a stock market listing and sell its 20% stake in China`s Hua Xia Bank.

Mr Cryan told a news conference that the bank faced "hard decisions" as it was restructured. "We must reduce Deutsche Bank`s complexity," he added.

The bank said it would close businesses in Malta, Argentina, Chile, Mexico, Finland, Peru, Uruguay, Denmark, Norway, and New Zealand. Some branches in Germany would close as well, Mr Cryan said.

Of the 9,000 full-time job cuts, about 4,000 will take place in Germany.

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