Deutsche Bank Begins a Massive Transformation - Cuts 18 000 Jobs

The bank reaffirmed its intention to move out of the stock business, releasing about 20 percent of its global workforce.

Deutsche Bank will cut about 18,000 jobs over the next three years as part of a major reorganization, the BBC reported.

The rumours were confirmed by the bank, which said it would completely abandon all operations related to the purchase and sale of shares.

According to the information, most of these operations take place in New York and London. Announced redundancies are about 20 percent of the bank's workforce, according to the Guardian.

By 2022, the Bank plans to cut its workforce to 74,000 employees, and the restructuring operation is expected to cost approximately $ 8.3 billion over three years.

"Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said.

"This is a restart for Deutsche Bank... 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 said.

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