The move is part of Deutsche Bank‘s strategy of to turn the corner and become profitable once again.
On Thursday, Deutsche Bank disclosed it plans on reducing its global staff to levels below 90,000, down from 97,000, as part of a broader cost cutting move aimed at restoring profitability.
After reviewing its business, Germany’s biggest bank stated it would slash headcount by 25% in its trading and equities business.
The reduction is expected to decrease Deutsche Bank’s leveraged exposure by 10%, or 100 billion euros, with the bulk of the cuts expected to take place this year.
“We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,” said Christian Sewing, Deutsche Bank’s CEO in a statement.
He went on to add, “We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”
Details of Deutsche Bank’s strategy have been released ahead of its annual general meeting on Thursday.