Deutsche Bank AG DB, +2.52% is weighing whether to cut 15,000 to 20,000 jobs, or more than one in six full-time positions globally, according to a person familiar with high-level discussions about the latest attempts to turn around the struggling financial giant.
The cuts being contemplated by senior executives reflect an acceleration of Deutsche Bank’s downsizing and another major pullback from its global ambitions. If followed through, the reduction would represent 16% to 22% of Deutsche Bank’s workforce of 91,463 employees, as disclosed by the bank as of the end of March.
Such deep cuts, which are being debated internally, would likely take place over more than a year with the pain and costs spread across regions and businesses, people close to the bank said. They expect a heavy toll on the bank’s U.S. operations and the investment bank in general.
The internal discussions show Deutsche Bank’s dire straits, buffeted by dismal profit expectations and exasperated investors looking for a reason to believe in the shares. Besides challenges in its core business, the bank faces a wide-ranging probe by U.S. law enforcement into money laundering allegations. U.S. House committees have also demanded details of the bank’s lending relationship with President Trump and others close to his administration and businesses.
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