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Deutsche Bank Sends Home Staff

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As part of its reorganization, Deutsche Bank today began to lay off the first of its 18,000 workers it announced it will cut, on Sunday

The cuts affected staff in share trading in London, New York and Tokyo.

A spokesperson said the aim of the changes, which will shrink its investment banking business, was to make the bank “leaner and stronger”, the BBC reported.

Deutsche Bank is yet to specify exactly where the jobs will be lost.

But it will pull out of activities related to trading shares, much of which takes place in London and New York.

And its shares fell today.

The Wall Street Journal stated, “Shares in the troubled global banking group fell sharply as investor skepticism set in during Monday’s trade. The stock was down as much as 7.25% in the afternoon, its biggest one-day fall this year and a big reversal from a rise of more than 4% shortly after the open. It finished the day down 5.4%.

 

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