Deutsche Bank to Layoff Nearly 20,000 Employees

Deutsche Bank to Layoff Nearly 20,000 Employees According to CNN, the downsizing is apart of a big overhaul for the investment bank. CEO Christian Sewing confirmed the restructuring plan in a memo to workers. I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you. Approximately 18,000 jobs at Deutsche will be cut in offices around the globe. This is around 1/5 of the total workforce for Germany's biggest bank. We tried to compete in nearly every corner of the banking market at the same time. We simply spread ourselves too thin. CNN adds that by 2022, Deutsche's reinvention plan will reach a cost of $8.3 billion. Come that year, 74,000 employees are expected to remain.