Deutsche said that it would also cut its fixed-income operations, especially its rates business.
It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets. Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders “tough cutbacks” to the investment bank.Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs – more than one in five of its 91,500 employees.The bank’s supervisory board met on Sunday to agree on the proposed changes, one of the biggest shake-ups in the industry since the financial crisis.
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