Everyone had been expecting another strategy overhaul from Deutsche Bank, but no-one expected the depth of the cuts to be so brutal. The bank is to end much of its equities business and refocus on corporate banking, and shed nearly 20,000 jobs. But observers are wary about the bank’s ability to restructure without inflicting more pain than it has forecast.
Chief executive Christian Sewing told staff that “the transformation will bring us closer to our core strength, our DNA” as a bank serving German and European companies worldwide. Sewing intends to exemplify this through the creation of a new corporate banking division.
Sewing said that Deutsche will “concentrate