Deutsche Bank has suffered a record quarterly loss. John Cryan announced what tough measures would be taken and how he plans to revitalize Germany's largest bank.
Germany's biggest lender is looking to eject its CEO amid intensified boardroom tension due to the inability of the scandal-hit institution to put an end to its long list of troubles, the Times newspaper reports.
Deutsche Bank is cutting at least 250 investment banking jobs in locations including London and the United States as it seeks to keep a lid on expenses amid a sustained slide in its securities unit.
CEO John Cryan has signalled that Germany's biggest lender will need to cut more of its 97,000-strong workforce. He sees artificial intelligence replacing many of the bank's back office roles.
US authorities have fined Deutsche Bank and two other European finance institutions for manipulating markets. Germany warned its best-known bank not to overdo bonuses — it'd be bad for its already soured image.
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