This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.bbc.co.uk/news/business-48898234

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Deutsche Bank could cut 'up to 20,000 jobs' Deutsche Bank could cut up to 20,000 jobs
(about 5 hours later)
Up to 20,000 jobs could be axed at Deutsche Bank as the company is set to announce plans for a global restructuring. Up to 20,000 jobs could be axed at Deutsche Bank in a radical reorganisation of Germany's biggest bank.
The majority of cuts are expected in the City of London and Wall Street. The investment bank is expected to be particularly hard hit, with many of the cuts set to affect London and New York.
The German banking giant has been beset with long-term problems, including the profitability of some operations and a falling share price. The supervisory board of Deutsche Bank is expected to approve the plan on Sunday.
It tried several options to reorganise its business, including failed merger talks with rival Commerzbank in April. The reorganisation of the business follows the failure of merger talks with rival Commerzbank in April.
Reports suggest the company's board will approve a restructuring plan on Sunday, resulting in the loss of up to a fifth of the company's global workforce. The German government had supported the tie-up, hoping it would create a national champion in the banking industry.
Focus on profit However, both banks concluded that the deal was too risky, fearing the costs of combining might have outweighed the benefits.
Experts expect CEO Christian Sewing, who took on the top job just over a year ago, to announce bold changes in a signal to the markets that he has a turnaround plan. Chief executive Christian Sewing, who took on the top job just over a year ago, told shareholders at the annual general meeting in May that he would "accelerate transformation" by focusing the bank on "profitable and growing" businesses.
Mr Sewing told shareholders at the annual general meeting in May that he would "accelerate transformation" by focusing the bank on "profitable and growing" businesses.
"I can assure you: we're prepared to make tough cutbacks," he said."I can assure you: we're prepared to make tough cutbacks," he said.
London is the home of its largest investment operations, with a total of nearly 8,000 staff based in the UK. Resignation
On Friday, it was announced that Garth Ritchie, the head of investment banking, is leaving. The 20,000 job cuts would be equivalent to a fifth of the company's global workforce.
With almost 8,000 staff, London is the home of its biggest investment operations.
Deutsche Bank has been struggling for years with the decline of its investment bank and has made several attempts to revamp its business.
It is thought that the latest plan will be the most ambitious so far and it has already prompted the resignation of one top executive.
On Friday, the bank announced that its head of investment banking, Garth Ritchie, was leaving.
Shares in the firm have fallen by a quarter over the last year. Last month they fell below €6 a share, but have recovered a little since then, and on Friday closed at €7.17.
As well as poor financial performance, Deutsche Bank has also been caught up in banking scandals.
Late last year prosecutors raided its headquarters in a money-laundering investigation.
They were looking into whether Deutsche Bank staff helped clients set up offshore accounts to transfer money from criminal activities.
Deutsche has also been connected with another huge money-laundering scandal at Denmark's Danske Bank.
Last year Danske Bank said that it had detected billions of dollars of suspicious payments at its Estonian operation.
Deutsche Bank admitted it had processed some of Danske's Estonian transactions, but had terminated its relationship with with the bank in 2015 after "identifying suspicious activity".