Deutsche Bank plans to hire 300 more relationship and investment mangers for its wealth management business by 2021, as part of a plan to bulk up in areas the German lender hopes will bring steadier revenue streams.
Deutsche Bank shares rose on Monday as it launched one of the biggest overhauls of its investment bank since the financial crisis by cutting 18,000 jobs around the world, starting the day with cuts in Asia.
Deutsche Bank’s chief executive is prepared to make “tough cutbacks” in its investment banking business, whose future is in doubt after several failed restructurings, in order to be profitable and competitive. Shares in Deutsche Bank hit a record low on Thursday as Christian Sewing kicked off its annual meeting,
Deutsche Bank laid off staff from Sydney to London on Monday as it began 18,000 job cuts in an $8.3 billion “reinvention” which Germany’s largest lender said would mean yet another annual loss, knocking its shares.
Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany’s struggling flagship lender The bank will also scrap its global equities business and scale back its investment bank.