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Deutsche to cut 10% of US jobs

Deutsche Deutsche Bank is proposing to cut more than 10% of its U.S. jobs as bank withdraws from businesses where it cannot compete. This decision is a major scale back from the bank’s intention to become a global investment bank. The bank has around 10,300 employees in the US operations, which is considered about a tenth of its global head count. The bank has already cut some 400 US-based employees. The bank has already announced that it will reduce its investment bank operations, including the scaling back of operations in the U.S. The bank’s management said they expected the bulk of the cuts to be completed in 2018 and that they would fall across the front, middle and back offices of the corporate and investment bank. In Asia, meanwhile, the bank will cut back on purely local business.

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