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Deutsche Bank shares rise pre-market as 18,000 global job cuts begin

July 08, 2019 / Paulina Duran, Sumeet Chatterjee

Deutsche Bank (DBKGn.DE) shares rose in pre-market trade on Monday as the German lender eliminated whole teams at its Asian operations, starting to ax 18,000 jobs globally in one of the biggest overhauls at an investment bank since the aftermath of the financial crisis. The lender announced the job losses on Sunday as part of a restructuring plan that will ultimately cost 7.4 billion euros ($8.3 billion) and see it undo years of work aimed at making its investment bank a major force on Wall Street. As part of the overhaul, the bank will scrap its global equities business and cut some operations in its fixed income - an area traditionally regarded as one of its strengths. Shares in Deutsche Bank were indicated to open 5.2% higher at 0548 GMT, according to pre-market data from brokerage Lang & Schwarz. Deutsche Bank gave no geographic breakdown for the job cuts, though the bulk are widely expected to fall in Europe and the United States. The global day on Monday, however, began with ...