World News: Heads rolling at Deutsche Bank; 1,900 to be laid off

– World news selected by Gazette editors for Phuket’s international community

Deutsche Bank to cut 1,900 jobs after profits drop 46 percent
Phuket Gazette / News Wires
PHUKET: Deutsche Bank said yesterday that it plans to cut 1,900 jobs, most of them at its investment bank, as part of an effort to save approximately 3 billion euros ($3.69 billion).

The German bank, which employs more than 100,000 people in more than 70 countries, said its profit had dropped to 650 million euros ($800 million) in the second quarter of this year. This was a drop of 46 percent when compared to the same period last year, when the figure was about 1.2 billion euros ($1.47 billion).

After reporting the results, the bank said it had identified measures to slash costs by approximately 3 billion euros ($3.69 billion). These expense reduction measures will include changes to the bank’s business and revenue model, but will be offset by required investments to support business growth.

As part of the cost reduction measures, the bank plans to cut approximately 1,900 positions, resulting in a savings of approximately 350 million euros ($430 million). The cuts include approximately 1,500 jobs, or about 15 percent of staff, in the investment banking division.

In April, Deutsche Bank said it saw no need for layoffs in the immediate future, and yesterday’s announcement comes less than two months after Anshu Jain took over as the bank’s co-chief executive. The other co-CEO, Juergen Fitschen, assumed the position late in May.

— Phuket Gazette Editors

World News

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