Deutsche Bank will slash 18,000 jobs and drop its stock sales and trading unit in its ‘most fundamental transformation’ in decades, according to its CEO.
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, or $83 billion, into a separate unit for disposal, freeing capital reserves to pay for the restructuring. “Today we have announced the most fundamental transformation of Deutsche Bank in decades,” wrote Christian Sewing, chief executive officer at Deutsche Bank, in a written statement.
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