Shortly after revealing plans to replace its trading technology systems, Deutsche Bank has announced swingeing job cuts that could see staff reduced by as much as 15,000 over five years.
In addition to cutting 9,000 of its own staff, Deutsche also plans to shed 6,000 external contractors in its Global Technology and Operations infrastructure division.
Deutsche is also withdrawing from 10 countries - the majority in Latin America - and moving its trading operations from Brazil to a number of global and regional hubs as part of a new Global Markets & Investment Banking structure.
The job cuts are part of the strategic review unveiled by new co-chief executive John Cryan who is determined to streamline the bank's infrastructure. Deutsche Bank also announced a net loss of €6 billion in the third quarter of this year, a result that was described by Cryan as "highly disappointing".
More details were revealed about the overhaul of the bank's IT systems. The 45 operational systems will be reduced to just four by 2020, the bank's use of cloud technology will be quadrupled to include 80% of systems and virtualisation will increase from 46% to 95% of applications. The bank calculates that implementing these changes will save the bank €800 million in running costs.