Deutsche Bank to cut thousands of staff in investment bank revamp

By FinancialsFOXBusiness

The job market is fantastic: Deutsche Bank Senior Economist

Deutsche Bank Senior Economist Brett Ryan on the state of the U.S. job market and its impact on Federal Reserve policy.

Deutsche Bank is undergoing a restructuring that will reduce the bank’s headcount to 90,000 from 97,000.

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The company says it’s a move to reduce costs and restore profitability.

Following a review of its business, the bank decided to cut the headcount by 25 percent in the equities sales and trading areas, according to Reuters.

"We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that," Chief Executive Officer Christian Sewing said in a statement.

Deutsche Bank Chairman Paul Achleitner last month abruptly replaced CEO John Cryan with Sewing amid investor complaints that the bank was falling behind in executing a turnaround plan.

Standard & Poor's is expected to say by the end of the month whether it will cut Deutsche Bank's rating after putting it on "credit watch" in April.

The details on the bank's strategy was released ahead of the bank's annual general meeting on Thursday.