Deutsche Bank to Cut 35,000 Jobs, Leave 10 Countries

Germany's Deutsche Bank intends to reduce its work force by approximately 35,000 employees over the next two years and exit from 10 countries by 2020, a strategic plan released on Thursday said.

MOSCOW (Sputnik) — According to the Strategy 2020 plan, proposed under new Co-Chief Executive John Cryan, the bank will lay off about 9,000 full-time employees and 6,000 contractors. The bank also plans to dispose of some 4 billion euros (almost $4.4 billion) worth of unnamed assets over the next two years, and cut the remaining 20,000 employees.

Argentina, Chile, Mexico, Peru, Uruguay, Denmark, Finland, Norway, Malta, and New Zealand are among those countries where Deutsche Bank intends to close operations.

The mass workforce reduction was announced along with the banking giant's financial report for the third quarter of 2015 that posted a net loss of over 6 billion euros.

The bank has recently drawn the close attention of UK, US and Russian regulators who accuse the organization of money-laundering.

Deutsche Bank, one of the world's largest financial institutions, was founded in 1870, and currently has some 100,000 employees. The bank's headquarters is located in Frankfurt.