The daily business briefing: July 8, 2019

Deutsche Bank announces it will cut 18,000 jobs, stocks struggle as a strong jobs report douses odds of a Fed rate cut, and more

Deutsche Bank in central London
(Image credit: TOLGA AKMEN/AFP/Getty Images)

1. Deutsche Bank to cut 18,000 jobs by 2022

Deutsche Bank announced Sunday that it planned to cut 18,000 jobs by 2022, about a fifth of its work force. The German bank said the reorganization would include reduced operations in New York and London, with investment banking taking a hard hit. The company is struggling to come back from a series of scandals and management mistakes that have derailed its effort to rival U.S. megabanks such as JP Morgan Chase and Goldman Sachs. Chief executive Christian Sewing telegraphed the move at a May shareholder meeting, when he said, "I can assure you: We're prepared to make tough cutbacks." "We are returning to our roots and to what once made us one of the leading banks in the world," Sewing said Sunday in a statement.

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