Frankfurt [Germany]: 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 on Sunday.
The latest plan will mark the German bank’s retreat from Wall Street, CNN reported. It comes shortly after Garth Ritchie, the head of the investment bank, 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 the end of 2022. The job reduction would bring the total headcount down to around 74,000 employees.
The restructuring will cost the bank USD 8.3 billion in total. Shares of the bank hit a record low in June after being down almost 25 per cent the previous year.
CNN reported that the job cuts are expected to hit US employees the most. At least 9,300 people work for the bank in North America alone, out of which, most of the jobs are in the US.
The bank has been trying to bounce back since the 2008 recession.