“Deutcse Bank” will close 70,000 jobs

The biggest German lender, Deutsche Bank, has indicated that he will close 70,000 jobs, and dramatically reduce bank investments in an effort to recover from years of loss.

The full-time work total number of jobs is expected to drop by 97 thousand to below 90 thousand. The staff reduction is occurring”, says the bank communiqué.

This decision is the first in the direction of the new executive chief, Christain Sewing, who has unexpectedly replaced John Cryan in April, follows Kosovas.

“We are Europe's opportunity in international financing and the capital market. However, we need to focus on what we really do well”, it says, among other things.

The decision was announced just hours before the start of the general meeting in Frankfurt, where the management is expected to face criticism from shareholders. /