Deutsche Bank is bidding to reduce its workforce by a quarter, slashing 23,000 jobs, many of them technology-related, according to Reuters. Joerg Bongartz, Deutsche Bank’s management board chairman and head of global transaction banking in Russian Federation since 2006, will move to Frankfurt to focus on business in central and eastern Europe, the bank said in a statement over the weekend. At the same time, layoffs will also take place a result of the spinning off of the company’s PostBank division, which now has about 15,000 positions.
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A Deutsche Bank spokeswoman declined to comment.
Co-Chief Executive Officer of Deutsche Bank, John Cryan, 54, who was appointed in July, is pressing ahead with the bank’s plan to maximise profitability by reducing expenses and cutting back businesses.
On his first day in the job, he pledged to sell the Postbank unit, as outlined in April, and tackle the company’s “swollen” cost base and “antiquated and inadequate” technology.
Once the job cuts are done, the company will reportedly have just around 75,000 full-time positions.
Mr Cryan aims to complete the bank’s plans by the end of next month. Mr. Fitschen will stay on until as Mr. Cryan’s co-CEO until May 2016, the bank said.
Deutsche Bank (DBKGn.DE) has chose to close its Russian operations, apart from transaction banking services, two financial sources told Reuters on Monday.
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Deutsche Bank said Bongartz’s departure was not linked to the share trade probes and described it as a long-planned promotion.
