Up to 20,000 jobs could be axed at Deutsche Bank in a radical reorganisation of Germany’s biggest bank.
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The supervisory board of Deutsche Bank is expected to approve the plan on Sunday.
The German government had supported the tie-up, hoping it would create a national champion in the banking industry.
However, both banks concluded that the deal was too risky, fearing the costs of combining might have outweighed the benefits.
Chief executive Christian Sewing, who took on the top job just over a year ago, told shareholders at the annual general meeting in May that he would “accelerate transformation” by focusing the bank on “profitable and growing” businesses.
“I can assure you: we’re prepared to make tough cutbacks,” he said.
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