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Deutsche Bank will reduce 10% of employees in the US

UNITED STATES (OBSERVATORY) –┬áDeutsche Bank will cut about 1 thousand, or 10%, of its employees in the United States, said a person familiar with the matter, Reuters reports.

The agency notes that the largest bank in Germany thus discards its global investment banking ambitions.

This week, the bank has already reduced 400 employees in the US, of which about three-fourths worked in the company’s sales division, and the rest – in corporate finance, according to a second source who is a senior official of Deutsche Bank in the United States.

“I can tell you that people who earn money here will continue to receive money and support, because Deutsche Bank needs income,” the source said. “Now the challenge is to support our people.”

Earlier, the bank announced that it would make “significant” reductions in its investment division, reducing operations with corporate finance in the US and Asia, as well as with government bonds and US stocks.