Deutsche Bank Begins Turnaround Drive by Firing Workers

Business|Deutsche Bank Layoffs Begin as Workers Feel Turnaround Plan’s Impact FirstImageDeutsche Bank’s Manhattan offices on Monday, when the bank began a round of layoffs that will ultimately total 18,000 worldwide.CreditCreditJeenah Moon for The New York TimesDeutsche Bank began firing thousands of employees in Asia, Europe and the United States on Monday, moving quickly on at…

Deutsche Bank Begins Turnaround Drive by Firing Workers

Business|Deutsche Bank Layoffs Begin as Workers Feel Turnaround Plan’s Impact FirstImageDeutsche Bank’s Manhattan offices on Monday, when the bank began a round of layoffs that will ultimately total 18,000 worldwide.CreditCreditJeenah Moon for The New York TimesDeutsche Bank began firing thousands of employees in Asia, Europe and the United States on Monday, moving quickly on at least one part of a strategy meant to arrest years of losses, scandal and decline.The job cuts, coming hours after the bank announced a “radical” turnaround plan, were a show of decisiveness at the expense of workers and a tacit answer to the question most asked by analysts and investors Monday: Deutsche Bank’s plan looks good on paper, but can managers pull it off?Christian Sewing, Deutsche Bank’s chief executive, acknowledged on Monday that the bank had failed in the past to follow through on promises to change. As a result, the bank lost money in four of the past five years and will probably report a loss for 2019.“Some may say you have heard this before,” Mr. Sewing said during a conference call with journalists. “It is different this time.”Investors appeared unconvinced. Deutsche Bank shares opened highe
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