Deutsche Bank says it will cut 18,000 jobs by 2022 as part of a sweeping restructuring.
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.
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. Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price.Germany’s biggest bank, Deutsche Bank, has announced a restructuring plan that will see it shed its equities sales and trading business as it tries to improve profitability and raise its share price.Deutsche Bank said it expects to take charges totaling some 3 billion euros for the second quarter and forecast a net loss for the quarter of 2.8 billion euros.
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