Deutsche Bank plans 20,000 job cuts in revamp

Daniel ROLAND / AFP

Up to 20,000 jobs could be axed at Deutsche Bank as Germany's largest lender prepares a multi-billion dollar global restructuring plan.

The majority of cuts are expected in the City of London and Wall Street, with several senior executives expected to depart.

This comes just days after the announcement that Garth Ritchie, the head of investment banking, is leaving.

CEO Christian Sewing, who took on the top job just over a year ago, told shareholders at the annual general meeting in May that they are "prepared to make tough cutbacks".

 

More from Business

Coming Up on Dubai Eye

  • The Weekend Playlist

    8:00pm - 11:00pm

    Every Friday night Dubai Eye 103.8 plays you the greatest party classics and anthems all the way till Saturday morning!

  • Nights on Dubai Eye 103.8

    11:00pm - 7:00am

    Dubai Eye complements the conversation with the music you love from the eighties, nineties and newer.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.

  • FARMER'S KITCHEN

    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!