German’s Deutsche Bank has announced it is to cut at least 7,000 jobs.
The commercial, investment and retail banking giant announced the move at its annual general meeting in Frankfurt.
The company said as part of a business review, the number of full-time equivalent positions is expected to fall “from just over 97,000 currently to well below 90,000”.
It added that personnel reductions are already underway.
The bank said it wants to “significantly reshape” its Equities Sales & Trading business and to reduce its overall headcount in this area by approximately 25%.
Deutsche Bank has had a presence in Ireland since 1991.
It employs over 650 people at its offices in Eastpoint Business Park in Dublin.
Its Irish operations handle global transaction banking and global business services.
The bank also employs roughly 8,500 staff in London in the UK.
It is not yet known where the job cuts will be.
Christian Sewing, chairman of Deutsche Bank’s management board, said: “We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that
“We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”
The bank will also accelerate the speed of cost reduction across the organisation.
In 2018, as previously announced, the bank predicts adjusted costs not to exceed €23bn.
For 2019, its management board plans to reduce adjusted costs to €22bn.