Deutsche Bank announced on Sunday a "radical transformation" of the company, including cutting 18,000 jobs by 2022 and exiting the global equities sales and trading business.
The move comes after a decade of decline and billions of dollars in fines after several scandals emerged in the wake of the 2008 financial crisis. The 149-year-old German lender will make its investment bank smaller, putting parts of it up for sale, while pushing $300 billion in high-risk assets to a separate unit where they will be sold or retired, The New York Times reports. Deutsche Bank is also creating a corporate bank focusing on corporate and commercial clients.
This is "the most fundamental transformation of Deutsche Bank in decades," CEO Christian Sewing said in a statement. "We are tackling what is necessary to unleash our true potential: our business model, costs, capital, and the management team. We are building on our strengths." Deutsche Bank has about 91,000 employees worldwide.
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