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Deutsche Bank slashes 18,000 jobs in brutal cull, “financial system is in trouble”

Deutsche Bank slashes 18,000 jobs in brutal cull, “financial system is in trouble”

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One laid off equities trader said the mood was “pretty gloomy” as people were called in to meetings. “They give you this packet and you are out of the building,” he said. Deutsche Bank laid off staff Monday as it began cutting 18,000 jobs as part of an $8.3 billion “reinvention.” In a retreat from a long-held ambition to make its struggling investment bank, which employs 38,000 people, a force on Wall Street, Deutsche Bank said on Sunday it would scrap its global equities operations and cut some in fixed income. Shares in Deutsche Bank, which has almost 91,500 staff around the world, were slightly lower in Frankfurt as the bank’s finance chief said there was “significant uncertainty” whether it would break even in 2020.
Source: Deutsche Bank slashes 18,000 jobs in brutal cull, “financial system is in trouble”

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