Deutsche Bank’s plan gets cautious, Eliminates on 18,000 jobs in $8.3 billion reinvention

The Deutsche Bank restructuring  includes downsizing its investment bank, eliminating 18,000 jobs, creating a bad bank and changes to its management team.

Deutsche Bank laid off staff from Sydney to London on Monday as it began 18,000 job cuts in a 7.4 billion euro ($8.3 billion) “reinvention” which Germany’s largest lender said would mean yet another annual loss, knocking its shares. 

In a retreat from a decades-long ambition to make its struggling investment bank, which employs 38,000 people, a force on Wall Street, Deutsche Bank said on Sunday it would scrap its global equities operations and cut some in fixed income. 

Shares in Deutsche Bank, which has almost 91,500 staff around the world, erased early gains and were down 4.1% at 1224 GMT after the bank’s finance chief flagged “significant uncertainty” whether it would break even in 2020.

• Reuters