Deutsche Bank to cut 18,000 jobs worldwide in radical restructuring
- 5 years ago
Deutsche Bank has announced a plan to cut 18-thousand jobs by 2022 to boost profitability and shareholder returns.
The bank has been struggling to compete as a major force on Wall Street due to regulatory penalties and fines, high costs, weak profits and a low share price.
In an attempt to cut its total annual costs from 25-point-6 billion U.S. dollars to 19-billion, the bank will drop the investment bank's stock-trading business and scrap its global equities business.
The restructuring follows its failure to agree a merger with rival Commerzbank.
The bank has been struggling to compete as a major force on Wall Street due to regulatory penalties and fines, high costs, weak profits and a low share price.
In an attempt to cut its total annual costs from 25-point-6 billion U.S. dollars to 19-billion, the bank will drop the investment bank's stock-trading business and scrap its global equities business.
The restructuring follows its failure to agree a merger with rival Commerzbank.