Deutsche Bank to reduce headcount by a quarter
Germany’s largest lender will reduce its headcount by roughly a quarter as part of a reorganisation.
Deutsche Bank AG
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19:59 26/04/24
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Deutsche Bank aims to achieve the reduction mainly through a smaller technology footprint, a reduction in so-called ‘back office’ operations and by spinning-off its PostBank division, according to financial sources cited by Reuters.
The details of the changes were presented to the bank’s supervisory board over the weekend by co-chief executive officer John Cryan.
Cryan, who was promoted to his post in July, will be replaced on the supervisory board by former Standard Chartered finance director Richard Meddings, Deutsche Bank said in a statement released on Monday.
Meddings was currently a non-executive director of the UK Treasury.
A “significant” number of back office personnel would be reviewed for possible lay-offs.
As of 15:36 stock in the lender was higher by 0.54% to €25.85.