Deutsche Bank is preparing to cut its headcount by more than a fifth, which is the biggest restructuring by the bank. According to news reports, the bank may reduce its workfroce by as many as 20,000 as per a new restructuring plan. However, the decision is yet to be finalized. A spokesperson for the bank said the bank is working on measures to accelerate its transformation so as to improve its sustainable profitability. The bank had 91,500 staff at the end of the first quarter. The restructuring is expected to impact the bank’s investment banking division the hardest, particularly its U.S. operations as well as trading equities and interest rate derivatives.
