Germany’s struggling Deutsche Bank said on Sunday it would cut 18,000 jobs by 2022, downsizing its volatile investment banking division in a restructuring aimed at restoring consistent profitability and better returns to shareholders.
The Frankfurt-headquartered bank said it would cut roughly a quarter of its total annual costs, from 22.8bn euros (£20bn) last year to 17bn euros, through steps such as dropping the investment bank’s stock-trading business.
London is home to 8,000 staff and the firms biggest trading operation, although the exact locations of the job losses have not been announced.
The aim is to focus on areas where the bank is among market leaders, and on businesses with steadier earnings such as serving corporate customers.
For years, Deutsche Bank has wrestled with regulatory penalties and fines, high costs, weak profits and a low share price. The bank went three straight years without turning an annual profit before recording positive earnings of 341m euros for 2018.