Deutsche Bank cancels 18,000 jobs by 2022 Politics and Economy -

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Deutsche Bank said in a statement that the restructuring would include "cutting the workforce" by 18,000 to "about 74,000 by 2022," adding that job cuts would cut annual costs by 6 billion euros for the same period. Talks on the possible merger of Deutsche Bank and Commerzbank, the two largest banks in Germany, collapsed in late April for lack of feasibility..

Last year, Deutsche Bank announced that it had transferred a "big chunk" of its new euro-clearing activities from London to Frankfurt, but then confirmed that the transfer would not include the transfer of jobs.

Deutsche Bank also made drastic changes to its board of directors. The changes include Frank Strauss, managing director of individual clients and Sylvie Materat, who is responsible for regulatory issues and a former board member who will leave office by July 31, the bank said in Frankfurt on Sunday.

The Bank's Chief Legal Officer, Karl von Ruhr, will be responsible for the Bank's individual clients, as well as for the Asset Management Department. Stuart Leaves, the Director of Risk Monitoring, will be responsible for the Compliance Control Section and the Financial Crimes Section.

The Board of Supervisors appointed three new members of the Board of Directors today, Christina Reilly, a US-born director who, since the end of 2015, has been the financial director of the Investment Bank and will immediately assume regional responsibility for the Bank's operations in North and South America.

Faced with these changes, German Economy Minister Peter Tammer expressed his optimism about the success of the restructuring of Deutsche Bank. In a statement to the German newspaper Bild am Sonntag on Sunday, the politician from the Christian Chancellor Angela Merkel's party Democratic: "Deutsche Bank is playing in the Premier League and must now pave the way for the survival of this situation"He said.

Deutsche Bank faces the same challenges as other companies. "Digitalization has changed the world of work, and I am optimistic that the restructuring of Deutsche Bank will succeed"He said.

(AFP)

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