FRANKFURT, Germany – Germany's struggling Deutsche Bank says it's slashing thousands of jobs as it reshapes its stocks trading business and tries to limit costs.
The bank said Thursday it would cut its workforce from 97,000 to "well below" 90,000. It said the reductions were already "underway."
The cuts will cost the bank some 800 million euros ($935 million) this year.
Deutsche Bank has struggled with high costs and troubles with regulators. The bank replaced its CEO in April after three years of losses and lagging progress in streamlining its operations.
New CEO Christian Sewing has said the bank would refocus on its European and German customer base and cut back on costlier and riskier operations where it doesn't hold a leading position.