Hundreds of City workers are fearing for their jobs after Deutsche Bank, the global bank that is one of the Square Miles largest employers, said it plans to axe 18,000 staff worldwide in the latest attempt to revitalise its reputation and business.
The layoffs, equivalent to 20% of the banks workforce, come after chief executive Christian Sewing flagged an extensive restructuring in May, when he promised shareholders tough cutbacks to the investment bank and that he would push ahead with a further 1bn (880m) in cuts this year.
The pledge came after similar moves in 2018 that led to 6,000 job losses, and a failure to agree a merger with rival Commerzbank.
Deutsche Bank, which has recently come under scrutiny over its business relationshi…
Read the full article at: https://www.theguardian.com/business/2019/jul/07/deutsche-bank-to-axe-18000-jobs-worldwide-in-radical-restructuring