Deutsche Bank AG said it will shrink its workforce by about 26,000 people by 2018 as co-chief executive John Cryan seeks to improve returns, Bloomberg reported.
The bank will cut about 9,000 jobs, almost 10 percent of the headcount it expects to have at the end of this year, on a net basis, and others will leave the company as businesses are sold, it said Thursday.
Deutsche Bank will close operations in 10 countries, including Mexico, Norway and New Zealand, move trading businesses from Brazil to global and regional hubs, and reduce the number of investment banking clients.
Cryan, who took over from Anshu Jain in July, is under pressure to lower costs, boost capital buffers and reverse a share slump that has made Deutsche Bank the worst-valued stock among global lenders.
His strategy for the firm includes selling a consumer bank unit and shrinking the investment bank after some investors criticized a similar plan his predecessor proposed in April.
“We know exactly where we want to go,” Cryan told reporters in Frankfurt.
“However, Deutsche Bank has faced a grave problem for many years in implementing this strategy.
“In the last two decades, many strategies and targets were announced, but rarely were they consequently realized.”
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