Germany’s struggling Deutsche Bank says it will cut 18,000 jobs by 2022 in a sweeping restructuring aimed at restoring consistent profitability and improving returns to its shareholders.
The Frankfurt-headquartered bank said Sunday it would drop its stock sales and trading unit as part of a plan to exit more volatile investment banking activities.
It says it will also bundle 74 billion euros of assets into a separate unit for disposal, freeing capital reserves to pay for the restructuring.
The job cuts would reduce the workforce to 74,000. The restructuring intends to take out 6 billion euros in costs.
Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price.
Deutsche Bank said it expects to take charges totalling some 3 billion euros ($3.4 billion) for the second quarter and forecast a net loss
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