July 7, 2019

Business

Berlin. Deutsche Bank removes 18,000 jobs

The break

He wants to delete thousands of jobs, the German Bank should withdraw from the stock business: Christian Sewing is radical in its decisions. His success is highly uncertain.

It took a while, but now Christian Sewing has done something monstrous: After 15 months in office, the head of the Deutsche Bank has decided to correct a wrong path taken 30 years ago by the most powerful German credit institution. He claims that the Frankfurt Group has to be a leading global investment bank.

The trading room of Deutsche Bank in Frankfurt am Main
The trading room of Deutsche Bank in Frankfurt am Main

He broke with the strategy of his predecessors Alfred Herrhausen, Hilmar Kopper, Rolf Breuer, Josef Ackermann, Anshu Jain, Jürgen Fitschen, John Cryan – and emancipated by the way by Supervisory Board Chairman Paul Achleitner, who prevented the necessary strategic change for seven years.

The institute announced after a supervisory board meeting on Sunday the withdrawal from the world-wide stock business and a reduction of the trade. The group restructuring is expected to cost by the end of 2022 € 7.4 billion, said the Dax Group.

One has to list all these names and look back to the year 1989 in order to correctly classify the scope of the decisions made by Sewing and the Supervisory Board of Deutsche Bank appreciated on Sunday.