Jobs at stake as Deutsche Bank reviews SA equities business


"The number of full-time equivalent positions is expected to fall from just over 97,000 now to well below 90,000. However, we must concentrate on what we truly do well". The ripples of the company's restructuring plan are already being felt across the United States where it has chose to shut Houston investment banking division and has said it would move from its NY premises to a smaller area. In April, it ousted CEO John Cryan, replacing him with Sewing, who has spent his entire career at the bank.

"In the second quarter, the revenue environment remains challenging, particularly for our corporate and investment bank", he said.

The announcements came just hours before the start of Deutsche's annual general meeting in Frankfurt, where management can expect a grilling from shareholders.

While the bank has not mentioned which countries would be affected but said a quarter of the jobs in its equities and sales trading business would be axed.

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"It would appear that Deutsche Bank does buck the trend of that, but of course, investment banking is not really an indicator of the overall strength of a manufacturing economy such as Germany's", said Al Jazeera's Brennan. While the economy, and jobs, have roared back since the Great Recession, one big worldwide bank could soon announce a massive layoff.

But Sewing struggled to win over the crowd in Frankfurt.

Deutsche Bank has said it will move to smaller premises in NY and will close its Houston office entirely due to a withdrawal from advisory services for the oil and gas sector. In pre-market activity on the NYSE, shares were at $12.48, down 3.11%.

Under new CEO Christian Sewing, Deutsche Bank is looking at various ways to cut costs and pull out of businesses where it isn't profitable.

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The Deutsche Bank's decision to carry out massive job cuts also comes after it conducted a global review of the company, called Project Colombo, which is aimed at boosting profitability.

Deutsche even reported a bigger-than-expected net loss of 735 million euros in 2017, which it blamed mainly on US President Donald Trump's corporate tax reform.

By early 2018, unimpressed investors had driven the bank's share price to below half its 2015 level, prompting supervisory board chairman Achleitner to look for a new top manager.

Hans-Christoph Hirt, head of shareholder adviser Hermes EOS at Hermes Investment Management, told Reuters on Wednesday he wanted to see a "credible strategy with achievable targets", adding that it was critical that the recent CEO appointment "works out".

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Germany's biggest lender is expected to announce a range of restructuring measures to coincide with its annual shareholder meeting on Thursday.