- REUTERS/Ralph Orlowski
- Deutsche Bank is planning to cut up to 500 trading and investment-banking jobs globally.
- Redundancies are part of plans to cut costs after three years of deep losses at the bank.
LONDON – Deutsche Bank is planning to cut up to 500 trading and investment-banking jobs, according to multiple reports.
Deutsche Bank declined to comment.
The job cuts are said to affect London workers as part of cost-cutting efforts by Deutsche Bank. The news comes just weeks before bonus season at the bank.
Deutsche Bank employs more than 17,000 people in its investment-banking division globally. The job cuts are understood to be motivated by cost cutting rather than eradicating whole teams or services.
Deutsche Bank earlier this month reported its third consecutive annual loss, losing almost half a billion euros in 2017. Investment banking was one of the weak spots for the German lender.
Deutsche Bank CEO John Cryan hinted at the possibility of job losses late last year, telling the FT in an interview: “We employ 97,000 people. Most big peers have more like half that number.”
Management is under huge pressure to show some signs of progress, and shareholders are becoming impatient with Cryan, who was parachuted in to turn around the bank in 2015.
“We believe we are firmly on the path to producing growth and higher returns with sustained discipline on costs and risks,” Cryan said earlier this month in the bank’s full-year result statement.
Cryan told a conference last September that a “big number” of staff members at the company would ultimately be replaced by robots and other forms of technology.