Frankfurt: Unveiling a radical restructuring plan, 149-year-old Deutsche Bank has decided to slash 18,000 jobs by 2022 along with closing its equities sales and trading business.
"We have announced the most fundamental transformation of Deutsche Bank in decades," bank CEO Christian Sewing said. Shares were down 1.1% at 7.10 euros having initially risen in early trade.
The latest plan will mark its retreat from Wall Street. It comes shortly after Garth Ritchie, the head, resigned last week. While thousands of employees have already been laid off since Sewing took over in April last year, another 18,000 will lose their jobs by 2022 end.
