Change in Deutsche Bank – level 3
Deutsche Bank announced that it would be cutting about one fifth of its global workforce, or approximately 18,000 jobs, over the next three years. That translated to the bank having around 74,000 employees by 2022.
Deutsche Bank wants to achieve higher profitability by the massive restructuring. It is also going to close equities sales and trading business and reduce its investment banking operations.
The CEO described the big change as a ‘restart for Deutsche Bank’ and returning to what the bank once was, which made it one of the leading banks in the world. The restructuring is not going to be cheap, though – the bank expects a loss of about $3.14 billion for this year’s second quarter.
Difficult words: announce (officially say something), equities (stocks or shares or parts of a company), CEO (a chief executive officer, the boss).
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