Deutsche Bank is to cut more than 7000 jobs. CEO Christian Sewing, who is only a few weeks into the job, said the lender’s recent performance left him with no other choice.
Germany's two largest lenders have called off any further discussions about a merger. Berlin had promoted the idea of creating a banking "champion" capable of supporting Germany's export-orientated economy.
The top 12 Deutsche Bank managers pocketed €55.7 million for 2018, mainly due to more bonus payments. Unions are already angry at likely job cuts if a merger with Commerzbank goes ahead.
Germany's flagship lender returned to profit in 2018, its first in four years, despite a loss in the fourth quarter. The bank has recently been hit by a range of scandals, including allegations of money laundering.
A little over a year until its 150th anniversary, Germany's biggest lender is facing trying times. Still struggling to emerge from the financial crisis, Deutsche Bank can't find a cure to its ills, says Henrik Böhme.
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