Deutsche said to weigh job cuts, Alfa Bank reducing headcount

Axe In Wood

Keep your heads down.

Bloomberg News reports that Deutsche Bank is weighing options such as job cuts and the sale of assets, including its Postbank consumer-lending unit, as the bank reviews its strategy, a person with knowledge of the matter said.

Anshu Jain and Juergen Fitschen, Deutsche Bank’s co-chief executive officers, Tuesday gave a dim assessment of the revenue outlook and pledged to update their strategy by the end of June. No decisions have been made on what steps will be taken, said the person, who asked not to be identified before the review is completed.

In the meantime, Bloomberg also reports that  Alfa Bank, the Russian lender that boasts billionaire Mikhail Fridman as its largest shareholder, is shutting its New Yorkcapital markets office and cutting headcount in London.

'We are closing the New York sales office, which is a reflection of the level of interest in the Russian market', Moscow-based spokesman Leonid Ignat said by phone Monday. 'We will be maintaining our London office, but there will be some adjustments'.

Deutsche Bank Said to Weigh Job Cuts, Asset Sales

Russia’s Alfa Bank to Shut New York Office, Cut Jobs in London

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