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Big axe falls as Deutsche Bank to lay off 18,000 in $8.3 billion overhaul

Germany's largest lender said on Sunday it will scrap its global equities unit and cut some fixed-income operations in a retreat from a long-held ambition to make its struggling investment bank

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Deutsche Bank | global equity | Deutsche Bank to cut equities sales

Reuters  |  Frankfurt | Sydney| Hong Kong | New York 

Deutsche Bank laid off staff from Sydney to New York on Monday as it began to slash 18,000 jobs in a 7.4 billion euro ($8.3 billion) "reinvention" that will lead to yet another annual loss, a plan that knocked its already battered shares. Germany's largest lender said on Sunday it will scrap its global equities unit and cut some fixed-income operations in a retreat from a long-held ambition to make its struggling investment bank, with 38,000 staff, a force on Wall Street. Deutsche Bank has almost 91,500 staff around the world. Its shares erased early gains and closed ...

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First Published: Tue, July 09 2019. 08:31 IST
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