Deutsche Stock Crashes As Bank Confirms Massive Layoffs, Issues Profit Warning

One day after the WSJ reported that the biggest German bank is set to "decimate" its workforce, firing 10,000 workers or one in ten, this morning Deutsche Bank confirmed plans to cut thousands of jobs as part of new CEO Christian Sewing's restructuring and cost-cutting effort. The German bank said its headcount would fall “well below” 90,000, from just over 97,000.

But the biggest gut punch to employee morale is that the bank would reduce headcount in its equities sales and trading business by about 25%.