German Bank Plans To Cut 10,000 Jobs

Deutsche Bank, the biggest German commercial bank, plans to cut more than 10,000 jobs in a sweeping restructuring intended to reverse a slide in profits, news reports said Sunday.

According to Der Spiegel magazine, chairman Hilmar Kopper plans to cut 20 percent of the bank’s 54,400-member workforce in Germany. The bank also has 19,000 employees in other countries.

The collapse of the real estate empire headed by billionaire developer Juergen Schneider last year cost Deutsche Bank heavily.