Deutsche Bank plans to eliminate jobs at its German power-trading business as co-CEO John Cryan seeks to cut costs across Europe’s largest investment bank, according to a person with knowledge of the matter.
Bloomberg News reports that three client-facing positions and about 10 roles in the back office may be eliminated, said the person, who asked not to be identified because the matter is private. The bank’s management has told labor representatives that it plans to cut 40 jobs at its German investment banking and trading unit, said the person.
Cryan, 54, who took over from Anshu Jain in July, is under pressure to shrink trading divisions, shore up profitability and reverse a share slump that has made the bank the worst-valued stock among global lenders. Deutsche Bank has already exited most of its commodities businesses over the last two years as regulators demand higher capital buffers against risky assets.
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