BERLIN (AP) — Germany’s Deutsche Bank says it is going “back to our roots” with a radical restructuring plan meant to reduce its risk exposure and concentrate on its traditional strengths after a long period of trying to compete with global investment banking giants.
Investors gave a cautious response Monday to the plan expected to result in 18,000 job cuts by 2022, with shares in Germany’s biggest bank down 0.8% at 7.12 euros ($7.99) in midday Frankfurt trading after initially making modest gains.
The bank wouldn’t give a geographical breakdown of the job cuts and said there was no geographical concentration of job losses, but CEO Christian Sewing said that it had already begun with the process. He said that that affected not just Asia, but also other regions.
