The Deutsche Bank, the largest bank in Germany, will cut 18,000 jobs in the framework of a radical restructuring in which one of the purposes is to minimize investment banking.
This was announced today by the consortium after a meeting of the Supervisory Board.
The restructuring must be completed by the end of 2022 and it is estimated that it will cost 7,400 million euros.
At the end of the restructuring process, Deutsche Bank will have close to 74,000 employees around the world.
Already at the general meeting in May, the chairman of the consortium, Christian Sewing, had announced hard cuts in the investment banking sector that includes business with stocks and currencies and advice on mergers of companies and IPOs.
In the years before the financial crisis, investment banking was one of the most lucrative sectors for Deutsche Bank and contributed a large part of the consortium's profits.
However, the 2008 crisis brought out the negative aspects of these businesses and Deutsche Bank has been forced to pay billions of dollars in fines.
In the last two quarters, the investment banking sector of Deutsche Bank had losses.
. (tagsToTranslate) larazon.es