Deutsche Bank Resumes Job Cuts as Bosses Forgo a Month’s Pay (2)

May 13, 2020, 11:05 AM

Deutsche Bank AG abruptly ended a hiatus on staff dismissals, becoming the first major bank to say it will resume job cuts after the coronavirus outbreak put the plans on hold.

“We decided to further accelerate our cost reduction program,” Chief Executive Officer Christian Sewing said in remarks prepared for the lender’s annual general meeting next week. “It’s precisely because the transformation is essential for the future of our bank and we bear responsibility for a sustainable business model that we will, unfortunately, have to resume these personal discussions.”

Global banks put staff firings on hold as the outbreak spread ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.