>> Investors wanted action from Deutsche Bank's new CEO. Christian Sewing's first move was a bold one. Germany's biggest bank is cutting more than 7,000 staff globally, producing headcount in equity sales and trading by 25%. The bulk of those jobs are in London and New York. After an abrupt management reshuffle last month, Deutsche wants to focus on Europe and its home markets after three consecutive years of losses.
Sources say the job losses could total to 10,000 this year, with restructuring expected to cost 800 million euros. Shareholders are fed up with the languishing share price and dwindling revenues, and have called on Deutsche Bank's management to speed up the recovery process. The job cut news came ahead of the bank's annual general meeting.
Shares fell around 2% in morning trade, and they've fallen more than 31% so far this year.