May 8, 2018 / 7:49 PM / a year ago

Deutsche Bank denies planning to cut U.S. workforce by 20 pct

FILE PHOTO: A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) does not plan to cut its U.S. workforce by about 20 percent, it said on Tuesday, denying a media report.

Germany’s flagship lender was expected to cut about 1,000 jobs, or 10 percent of its staff in the United States, as scales back its global investment banking ambitions, a person familiar with the matter told Reuters last month.

Bloomberg reported on Tuesday that Deutsche Bank was considering a cutting about 20 percent of the jobs in the region.

Deutsche Bank’s new chief executive, Christian Sewing, two weeks ago called time on three expensive decades of struggles to become a global investment bank by signalling a retreat to Europe. The bank has announced cut backs in bond and equities trading, where it has been unable to break the grip of the U.S. powerhouses such as Goldman Sachs (GS.N) and JP Morgan (JPM.N).

Reporting by Arno Schuetze; Editing by David Goodman

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