Deutsche Bank to cut 2,000 jobs amid falling profits, says CEO Christian Sewing

Deutsche Bank employs 90,000 people around the world.

Germany's biggest lender Deutsche Bank said Wednesday it planned to cut 2,000 jobs this year in its retail banking division due to falling profits.

"Where we have to turn around the ship from a profitability point of view is clearly in the retail personal bank in Germany," the group's chief executive Christian Sewing told a conference in London.

"We will take out almost another 2,000 people in the personal bank this year" in Deutsche Bank and its subsidiary Postbank, he added.

He said the move is "already provisioned in terms of restructuring costs" in the company's 2024 books, "but is executed now".

Deutsche Bank laid off 3,500 support staff last year to lower costs. It employs 90,000 people around the world.

It announced in September that it would close 50 of its 400 Deutsche Bank local branches this year and more than 200 in Postbank.