BusinessDeutsche Bank to axe 9000 jobs in major shake-upBack to reality: Deutsche Bank boss John Cryan blamed low morale on the attitude of the boardThomas Lohnes/Getty ImagesMichael Bow29 October 2015Deutsche Bank boss John Cryan promised to bring the lender “back into line with reality” after taking the axe to 9000 jobs. The British-born boss, who has already suspended Deutsche’s dividend for two years, said employee morale was low because of a salvo of misconduct fines, “lousy” IT systems and the bank’s inefficiency.He blamed the attitude of the board and said there was “a deviation with the message being signalled about the direct success of the bank versus how it felt like being in the bank”.He said: “I felt it was important to rebalance that and bring the message the board was sending back into line with reality about how people felt within the bank.”Around half of the 9000 cuts will come from its home territory of Germany. The bank will also lose 19,000 staff when it spins off subsidiary Postbank in a float or outright sale of the group.Read MoreWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itCulpeper pub boss: Rates system is not fit for purpose — and not fairSponsored20 years on, this cult fragrance brand is still ahead of the curveIt will also cut 6000 external technology consultants. The group plans to pull out of Argentina, Chile, Peru, Mexico, Uruguay, Brazil, Denmark, Finland, Norway, Malta and New Zealand in a bid to save further costs.MORE ABOUTBankingInvestment BankingDeutsche BankJohn Cryan
