Bloomberg

Deutsche Bank resumes job cuts as bosses forgo a month's pay

The Deutsche Bank logo sits on the bank's campus office building in Frankfurt., Germany. Foto: Bloomberg photo by Krisztian Bocsi

Deutsche Bank abruptly ended a hiatus on staff dismissals, becoming the first major bank to say it will resume job cuts after the coronavirus outbreak put the plans on hold.

"We decided to further accelerate our cost reduction program," CEO Christian Sewing said in remarks prepared for the lender's annual general meeting next week. "It's precisely because the transformation is essential for the future of our bank and we bear responsibility for a sustainable business model that we will, unfortunately, have to resume these personal discussions."..

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