Deutsche Bank will cut 18 thousand jobs

Deutsche Bank will cut 18 thousand jobs

Deutsche Bank begins cutting 18,000 jobs

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Deutsche Bank will cut 18 thousand jobsDeutsche Bank will cut 18 thousand jobs

Deutsche Bank Announces Exit From Global Selling And Equity Trading, Reduced Investment In Banking And Job Cuts As Part Of Large Restructuring Plan To Improve Profitability.

By 2022, Deutsche will cut 18 thousand jobs, and the number of bank employees in the world will be about 74 thousand people. Bank plans to cut adjusted spending by a quarter to € 17 billion ($ 19 billion) over the next few years.

The German bank’s decision to cut investment banking came two days after the head of the investment bank, Garth Ritchie, resigned by «mutual agreement of the parties».

Deutsche Bank expects its restructuring plan to be worth € 7.4 billion by the end of 2022. The bank expects a net loss of 2.8 billion euros in the second quarter of 2019, the results will be published on July 25.

Deutsche Bank’s supervisory board discussed on Sunday the bank’s restructuring plan. At a meeting of shareholders in May, the bank’s CEO Christian Sewing announced the upcoming «hard cuts».

«Today we announced Deutsche Bank’s most fundamental transformation in decades», – said Sewing.

Deutsche Bank previously considered a merger with its rival Commerzbank, but the merger talks in April fell through. Industry source told CNBC that Deutsche Bank had little merger motivation.

Deutsche Bank will cut 18 thousand jobs