Deutsche Bank aims to cut roughly 23,000 jobs, or about one quarter of total staff, according to financial sources - while Italy's UniCredit is reported to be planning job cuts of its own. David Pollard reports.
It could be a quarter of their workforce. The number of jobs sources are telling Reuters will be shed at Deutsche Bank. In all - 23,000, the reports say. If confirmed, it would bring the workforce at the German giant down to around 75,000 full-time positions. The layoffs mainly coming in technology activities and by spinning off its PostBank division. New chief exec John Cryan took control of Germany's biggest bank in July with a promise to cut costs. That appointment came in the wake of a raft of regulatory and legal problems, including alleged manipulation of benchmark interest rates. Cryan presented preliminary details of his restructuring plan to members of the supervisory board at the weekend. The bank is also reported to be closing almost all its operation in Russia. Separately, Deutsche confirmed it is to bring the chairman of its Russian unit back to Germany. It described the move as a long-planned promotion. It says it's not linked to current probes into allegations of questionable share trades involving the bank's Moscow office. And Deutsche is not the only one reported to be culling jobs. Ten thousand positions are to be cut at Italy's biggest bank, UniCredit, according to a source speaking to Reuters.