Thousands of jobs at Deutsche Bank are reportedly at risk after pressure grew on the financial services firm to be radical in its reorganisation of its business.
According to the Financial Times, one senior banker said back-office and outsourcing jobs, primarily in London, would have to go as Anshu Jain, head of global markets at Deutsche, leads the process of integrating the bank’s equity and fixed-income businesses.
Kevin Parker, now in charge of asset management, is also expected to take a tough line on costs, clear out leading management and shift the focus to higher-end customers, the FT reports.
Jain, who has just added responsibility for equities to his own fixed-income franchise, should achieve Euros 500m of cost savings, primarily from overlaps in the back office, analysts believe.
“Revenue synergies” of a further Euros 500m were also possible, said senior bankers.