Deutsche Bank AG will cut about 18,000 jobs by 2022 as the troubled German lender retreats from equities sales and trading and sets up a bad bank.
The lender expects restructuring charges of 7.4 billion euros ($8.3 billion) through 2022 to pay for the radical overhaul and will shelve the dividend this year and next, according to a statement on Sunday.
The scale of the revamp underscores the failed turnarounds by Sewing and his predecessors to solve the fundamental problem: costs were too high and revenue too low. After government-brokered merger talks with Commerzbank AG collapsed in April, the CEO had few other options to bolster market confidence.
This article was provided by Bloomberg News.