Germany's Deutsche Bank announced large staffing cuts Sunday along with leadership changes. It also announced that it would get rid of its stock sales and trading unit.
- Deutsche Bank announced that as part of a "radical transformation," it's cutting 18,000 jobs by 2022.
- The bank says it's dropping its stock sales and trading unit, and creating a new "Corporate Bank" to focus on commercial and corporate clients.
- The bank also announced that Chief Regulatory Officer Sylvie Matherat and retail head Frank Strauß will be leaving the company.
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Germany's struggling Deutsche Bank says it will cut 18,000 jobs by 2022 in a sweeping restructuring it's calling a "radical transformation" 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.
The bank also announced that Chief Regulatory Officer Sylvie Matherat and retail head Frank Strauß will be leaving the company.
Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs, and a falling share price.
In a statement, the bank's CEO Christian Sewing said, "This is a restart for Deutsche Bank – for the long-term benefit of our clients, employees, investors and society."
"In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world," he continued.