Deutsche Bank announces it is axing 18,000 jobs

Deutsche Bank announced Sunday it would cut 18,000 jobs – around one in five of its workforce – by 2022, as part of its new round of restructuring.

The bank, Germany’s biggest lender, has suffered with weak performance and legal woes for years. Deutsche Bank said in a statement on Sunday that the restructuring would include “a workforce reduction” to “around 74,000 employees by 2022.”

Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders “tough cutbacks” to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank

The layoffs would contribute to reducing annual costs by €6 billion ($6.7 billion) until 2022.

Via Reuters / DW