Deutsche Bank braced large layoffs

The Financial Times reports that Deutsche Bank staff are bracing themselves for one of the most severe job culls in banking since Lehman Brothers collapsed a decade ago

Indications are that Deutsche Bank’s board is set to approve plans to shed tens of thousands of people and more than €50bn of assets. The first casualty was Deutsche’s investment banking chief Garth Ritchie, who resigned on Friday ahead of the restructuring that will cut as many as 20,000 jobs around the world. The axe will fall hardest on its under-performing operations on Wall Street and the City of London.

Deutsche Bank is likely to spread the redundancies over a number of years.

Via Financial Times