After reporting a third-quarter loss of €6bn, Deutsche Bank said it is planning to slash its workforce by 15,000. In an effort to shave €3.8bn in annual costs, the German bank also intends to offload businesses that employ 20,000 over the next two years. John Cryan, the lender’s chief executive, said Deutsche Bank will close businesses in Malta, Finland, Denmark, Norway, Argentina, Chile, Mexico, Peru, Uruguay and New Zealand, as well as some branches in Germany. “We must reduce Deutsche Bank’s complexity,” said Cryan, adding that the bank will also offload its 20-percent stake in China’s Hua Xia Bank. Within the next two years, “we expect to see the benefits of our hard work and potentially be in the midst of a powerful turn-around,” Cryan said.
