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Deutsche Bank to shed 35,000 jobs, exit 10 countries

Deutsche Bank on Thursday said it would reduce its workforce by some 9,000 full-time jobs by 2020 and close operations in 10 countries.

About 6,000 external contractor positions will also be scrapped by 2020. In addition, the bank plans to dispose of assets with a total cost base of approximately 4 billion euros and 20,000 jobs over the next 24 months. Those assets include its Postbank retail bank.

The bank will withdraw from Argentina, Chile, Mexico, Uruguay, Peru, Denmark, Finland, Norway, Malta and New Zealand.

New chief executive John Cryan told a press conference Germany continued to be the bank's most important market.

The bank also wants to halve the amount of clients it has in its global markets and investment banking business.

In the heavily anticipated strategy update, Deutsche Bank said it wanted to focus on the markets, products, and clients where it was positioned to succeed.

It also plans to modernize its outdated and fragmented technology...