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Terminations have started at Deutsche Bank



CEO Christian Sewing confirmed during a conference call that layoffs had started on Monday in Asia. He said Deutsche Bank teams in other parts of the world would also be affected.

"I am very aware that in building our bank, we do deep cuts," CEO said in a letter to employees. "I personally apologize for the effect this will have on some of you."

Deutsche Bank has not provided details about which offices should bear the use of downsizing. The bank has said that by 2022, the workforce will shrink to around 74,000 employees.

In addition to Asia, it has large offices in London and New York and branches and outposts worldwide.

"We're just going to operate where we're competitive," says stitching Monday. "We were trying to compete in almost every corner of the banking market at the same time. We simply spread too thin. "

   Christian Sewing, CEO of Deutsche Bank, has announced a comprehensive audit.
Deutsche Bank ( DB ] will shrink the investment bank as part of the audit, closing its stock sales and trading activities and creating a "bad bank" for € 74 billion in assets.

It is a dramatic shift for a bank that has been in business for almost 150 years, but urgent action was needed after recent restructuring attempts did not yield consistent profits.

Withdrawal from Wall Street

Germany's largest bank at one point dreamed of dominating investment banks ) and Morgan Stanley ( MS ) . 59010] These ambitions were clarified in 1999 by the acquisition of the US Investment Bank Bankers Trust.

But the bank – and especially the investment banks' teams – is struggling to find its direction after the global financial crisis. The bank reported an annual profit last year for the first time since 2014.

A weak European economy and a reluctance to reform made it more difficult for Deutsche Bank to compete in the expensive sector.

  Deutsche Bank may just have taken First steps for a dramatic overhaul

The investment bank continued to suck up resources even when it fell further behind competitors. The dismissal in division head Garth Ritchie last week signaled that major changes would come.

The shift announced Sunday will allow Deutsche Bank to take a step back from the investment bank and prioritize more reliable business areas, such as money management.

But the restructuring work will not be cheap.

The bank said that the cost of the audit would push it to a net loss of 2.8 billion for the second quarter. The total cost of the restructuring will hit $ 7.4 billion ($ 8.3 billion) by 2022.


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