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Deutsche Bank to cut 9,000 full time staff and exit from 10 countries in a bid to streamline and boost its balance sheet, following a net loss of 6 billion euros ($6.56 billion)[/caption]
Deutsche Bank on Thursday announced plans to reduce its workforce worldwide by cutting some 9,000 full-time jobs by 2020 and close operations in 10 countries.
According to a report in CNBC
, the bank will withdraw operations from Argentina, Chile, Mexico, Uruguay, Peru, Denmark, Finland, Norway, Malta and New Zealand. It also plans to dispose of its Postbank retail bank.
Along with this, around 6,000 external contractor positions will also be scrapped.
In a press conference, new CEO John Cryan said that Deutsche Bank said Germany remains the bank's most important market.
Earlier, the bank reported a net loss of 6 billion euros ($6.56 billion), slightly less wide than it had previously warned amid continued litigation and impairment charges, as new chief executive John Cryan tries to turn around the German lender.
The trim down in the bank is also expected to hit clients in the global markets and investment banking business.
The group had already announced it expected an after-taxes loss of 6.2 billion euros for the third quarter due to writedowns at its investment banking unit and its Postbank retail bank.
The bank said its profit and revenue were impacted by a series of charges totalling 7.6 billion euros, also announced earlier this month. Deutsche Bank said its litigation reserves increased by 1 billion euros to 4.8 billion euros.
"In the third quarter 2015 we reported a record net loss – a highly disappointing result that was largely driven by items we had already flagged earlier in October," CEO John Cryan said in a press release.
The bank also announced that it would not pay dividends for the next two years in a bid to boost and balance its balance sheet.