Deutsche Bank will exit its global equities business and slash 18,000 jobs in sweeping overhaul - CNBC

Deutsche Bank headquarters

Photo by Hannelore Foerster

Deutsche Bank announced Sunday that it will pull out of its global equities sales and trading business as part of a sweeping restructuring plan to improve its profitability.

Deutsche will also slash 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce costs by 6 billion euros to 17 billion euros in coming years. 

All told, Deutsche expects its restructuring plan to cost 7.4 billion euros by the end of 2022.

The German bank also expects to report a net loss of 2.8 billion euros in the second quarter of 2019. It will release its second quarter results on July 25, 2019.

Deutsche Bank's supervisory board met on Sunday to hash out the restructuring plan. The bank's CEO, Christian Sewing, had broadcast "tough cutbacks" during a shareholders meeting in May. 

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https://www.cnbc.com/2019/07/07/deutsche-bank-will-exit-its-global-equities-business-and-scale-back-investment-bank.html

2019-07-07 14:46:56Z
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