Deutsche Bank to cut 18,000 jobs by 2022

A Deutsche Bank branch in Frankfurt.
(Image credit: Thomas Lohnes/Getty Images)

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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Catherine Garcia

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.