The bank actually came up with the figure to cut back in April, but the two guys running the place at the time decided to save the right-sizing project for their predecessor to deal with.
Deutsche Bank aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank division, financial sources said on Monday. That would bring the group's workforce down to around 75,000 full-time positions under a reorganization being finalised by new Chief Executive John Cryan, who took control of Germany's biggest bank in July with the promise to cut costs...The bank unveiled a broad restructuring plan in April but co-chief executives Anshu Jain and Juergen Fitschen quit shortly afterwards, handing over its execution to Cryan. "This is the first time ever that you had the feeling that somebody is talking straight," said one of the sources. "But the problem is he has to deliver soon."