Deutsche Bank ceases recruitment amid costs cut

Deutsche Bank plans hiring freeze in order to cut costs and face the growing legal fees after the US Justice asked for $ 14 billion to close the dispute linked to the story of subprime mortgages.

The measure – writes the agency Bloomberg citing sources inside the German bank – would take effect immediately and covers all divisions, with the exception of some control functions.

A spokesman for Deutsche Bank declined to comment on the rumor, recalling that on October 6, the German bank had announced the agreement with the unions for the elimination of thousands of jobs as part of a broader restructuring plan.
Since John Cryan became CEO in 2015, he suspended dividends, scrapped bonus awards, cut risky assets and axed about 9,000 jobs.

Analysts at JPMorgan Chase & Co said in a note earlier this year that Deutsche Bank could save as much as €1.9 billion ($2.91 billion) this year largely through a hiring freeze.
Deutsche Bank is scheduled to release third-quarter earnings on October 27.