Deutsche to lay off some 7,000 employees

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The number of full-time equivalent positions is expected to fall from the current 97,000+ to well below 90,000.

Deutsche Bank is all set to significantly reshape its equities sales and trading business. Overall, the Bank aims to reduce headcount in this area by approximately 25 per cent, which means it will have to lay off some 7,000 employees from across the world.

In cash equities, it will concentrate on electronic solutions and its most significant clients globally. In prime finance, the Bank will reduce leverage exposure by a quarter, equivalent to a reduction of approximately €50 billion.

Together with its decision to right-size the expense base in the corporate & investment bank, Deutsche Bank will accelerate the pace of cost reduction across the organisation. In 2018, as already announced, the Bank envisages adjusted costs not to exceed €23 billion. For 2019, the management board plans to reduce adjusted costs to €22 billion, with no further significant disposals currently planned.

In connection with the implementation of these plans, the number of full-time equivalent positions is expected to fall from just over 97,000 currently, to well below 90,000. The associated personnel reductions are underway, the bank revealed in a statement.

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