Deutsche Bank to cut thousands of staff in investment bank revamp By Reuters

FRANKFURT (Reuters) – Deutsche Bank (DE:) will shrink global staff to well below 90,000 from the current 97,000, as part of a broad restructuring move to reduce costs and restore profitability, it said on Thursday.

The bank said that it would cut headcount by 25 percent in its equities sales and trading business following a review of the business.

The reductions will decrease the investment bank’s leverage exposure by 100 billion euros, or 10 percent, with most of the cuts to take place this year, Deutsche said.

“We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,” Chief Executive Officer Christian Sewing said in a statement.

“We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”

The details on the bank’s strategy come ahead of the bank’s annual general meeting on Thursday.

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