Deutsche Bank axes over 7,000

Deutsche Bank is cutting more than 7,000 jobs to reduce costs and restore profitability while maintaining its international reach as its new chief executive Christian Sewing seeks to reassure investors and clients.

Germany’s biggest bank said global headcount would fall to well below 90,000 from 97,000, with a 25% cut in equities sales and trading jobs, which are mainly in New York and London and where it has been losing ground to U.S. rivals.

Deutsche Bank did not give a specific number, but a person with knowledge of the matter told Reuters that it was aiming to axe 10,000 positions.