Deutsche Bank Considering Cutting One-Sixth of Workforce Globally - Reports

MOSCOW (Sputnik) - Deutsche Bank, the largest German commercial bank, is considering laying off 15,000 to 20,000 employees, representing from one-sixth to one-fifth of its almost 91,500-strong global workforce, the Wall Street Journal reported on Friday, citing sources.

The reductions planned by the management reflect the accelerated unbundling of Deutsche Bank and another serious rollback from their global ambitions, the newspaper noted.

The cuts will be carried out within one year and will affect various regions and divisions of the bank, it said.

Deutsche Bank is now in a difficult position due to expected losses, the newspaper noted. In late April, the bank reported a decrease in the first-quarter revenue and expects it to be virtually unchanged year-on-year in 2019. In addition to its core business, the bank also has problems in connection with a US investigation into money laundering charges.

The management of the bank wants to make decisive changes, but without attracting new capital, which would weaken the shareholders, the newspaper said.