Deutsche Bank Zeroes In on Plans for 10,000 Job Cuts -- Update
23 May 2018 - 2:24PM
Dow Jones News
By Jenny Strasburg
Deutsche Bank AG executives have zeroed in on plans in recent
weeks to eliminate close to 10,000 jobs, or about one in 10
employees, as part of moves to accelerate cost-cutting, according
to people familiar with internal bank discussions.
The latest plan, with cuts that likely would extend into 2019,
follows months of thorny debate over how fast and deep job losses
should be at the beleaguered German lender. The process has divided
senior executives and left investors unconvinced.
The bank's shares have fallen by nearly a third this year and
are at their lowest since a crisis of confidence hit the bank in
late 2016.
High-level clashes over staffing and budgets and conflicting
opinions from outside investors and bank executives reveal the
depth of Deutsche Bank's continuing struggles.
The lender's supervisory board and senior executives will
confront investors Thursday in Frankfurt at its annual shareholder
meeting. They will face a proposal to break up the company and
probing questions about last month's CEO handoff and the tough
choices the troubled lender has to make.
It has been a messy year for Deutsche Bank. The April 8 ouster
of Chief Executive John Cryan in the middle of his management
contract shook employees and appeared botched to some clients and
investors.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
May 23, 2018 09:09 ET (13:09 GMT)
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