Challenging times: A flag for Deutsche Bank flies outside the German bank’s New York offices on Wall Street. The Wall Street Journal first reported on Friday that Deutsche was considering cutting between 15,000 and 20,000 jobs. — AP
FRANKFURT: Deutsche Bank’s supervisory board will meet on July 7 to discuss a major restructuring that may result in as many as 20,000 job cuts, four people with knowledge of the matter said.
CEO Christian Sewing flagged an extensive overhaul last month when he promised shareholders “tough cutbacks” to the investment bank to turn the lender around after it failed to agree a merger with rival Commerzbank.
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