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Seven Days: 12 July 2019

Seven Days: 12 July 2019

Deutsche Bank wields axe

Deutsche Bank began a restructuring programme on Monday that will see 18,000 jobs cut, as the bank seeks to drastically reduce costs and risk exposure by the end of 2022. Deutsche aims to cut its adjusted costs to €17bn (£15bn) by 2022. It will exit its equities sales and trading business and reshape its fixed-income activities, targeting its operating rates and hastening the winding down of its non-strategic portfolio. Associated risk-weighted assets will drop by 40 per cent, and a ‘bad bank’ will be created to help manage the exit and reduction of these assets.

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