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Deutsche Bank Confirms Massive Job Cuts as New CEO Christian Sewing Plants Flag

Martin Baccardax

shares extended declines Thursday after it confirmed plans to shed as many as 7,000 jobs as it slims down its equity trading business in an attempt to refocus its efforts in Europe and stem years of losses at Germany's biggest lender. Deutsche Bank said its global staff would fall "well below 90,000" following the job cuts, most of which would take place in London and New York, adding that other business reductions and restructuring would reduce the bank's overall leverage by 10%, or €100 billion, by the end of the year. The bank's overall cost base is expected to fall to €23 billion this year and €22 billion in 2019, Deutsche Bank said, although "no further significant disposals" are currently planned.