job cuts

The new leadership says the aim is to achieve a pre-tax income of $3.2 billion by March 2016 and to position the Japanese bank for sustainable profitability.

Will Li is leaving Deutsche Bank after two years to return to the fund management industry, sources say. Separately, the bank has let go of two bankers in its corporate finance division as part of a headcount reduction.

A first quarter loss of $1.75 billion, coupled with net new money outflows in the private bank, spurs the Swiss bank to cut another 11% of its workforce.

The closure follows extensive job cuts globally, but Citi says the move is part of a client-driven reorganisation of its wealth management business.