Germany’s Deutsche Bank plans to cut 15,000 jobs

ON October 29, Deutsche Bank announced 15,000 jobs cuts after losing €6 billion (4.3 billion) in third quarter.

The German bank said 9,000 full time jobs and 6,000 contracts would be cut in Germany. The bank also plans to sell businesses with 20,000 employees within the next two years.

Co-chief executive John Cryan said, “we expect to see the benefits of our hard work and potentially be in the midst of a powerful turn-around.”

Annual costs of up to €3.8 billion are being cut by Deutsche Bank as European banks struggle with economic growth in home markets. The bank plans to sell 20 per cent of its shares in China’s Hua Xia Bank, and stop 2015 and 2016 dividend payments.  “We must reduce Deutsche Bank’s complexity,” Mr Cryan said.

Businesses in Malta, Argentina, Chile, Mexico, Finland, Peru, Uruguay, Denmark, New Zealand and Norway and some German branches would close, Mr Cryan added.