REUTERS/Kai Pfaffenbach
- Deutsche Bank slipped as much as 3% ahead of its annual shareholder meeting Thursday.
- Separate reports outlined the bank’s expected announcements, which are said to include a 10% staff cut and withdrawal from equity markets around the world.
- Follow Deutsche Bank’s stock price in real-time here.
Shares of Deutsche Bank fell as much as 3% in early trading Wednesday, its lowest in more than a year, after new reports said the bank will make massive staff cuts and business pullbacks.
Ahead of the German bank’s shareholder meeting on Thursday, the Wall Street Journal reported Deutsche Bank would cut up to 10,000 jobs — a full 10% of its staff — as part of new CEO Christian Sewing’s restructuring effort, citing anonymous sources familiar with the plans.
The lender is also expected to drastically shrink its presence in equity markets around the world, even in its European home. Darren Veenhuis, head of the bank’s Central and Eastern Europe, Middle East, and Africa equity sales, is among those to depart, Bloomberg reported Wednesday, also citing people privy to the plans.
A number of key executives have departed the bank since Sewing took over on April 9.
Sean Bates, the bank’s London-based global head of emerging market debt trading, left the earlier this month, Business Insider reported. The firm also named John O’Brien new US head of a group that distributes fixed income and equities products to clients, according to an internal memo viewed by Business Insider.
Shares were trading down about 2% at $12.70 early Wednesday, a full 35% below recent highs set in January. The stock is quickly approaching its September 2016 record low of $9.99 a share.
Yahoo Finance
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