FRANKFURT, July 7 (Xinhua) -- Deutsche Bank, the largest commercial bank in Germany, announced on Sunday that it will withdraw from the global stock trading business as part of a restructuring plan to improve its profitability.
The bank planned to scale back its investment banking, ending the stock trading business as well as adjusting its trading in interest rate products. In order to settle balance sheet items amounting to 74 billion euros from these business units, the bank will create an internal "bad bank".
The restructuring would include a workforce reduction to around 74,000 employees by 2022, said the Bank said in a statement after a Supervisory Board meeting on Sunday in Frankfurt.
According to the plans, 18,000 jobs are to be cut worldwide - one fifth of its 91,500 employees, and the board is also to be downsized.
Deutsche Bank said the restructuring could cost it 7.4 billion euros (8.31 billion dollars) until the end of 2022.
The bank was hit hard by a financial crisis a decade ago. Since then it has struggled to make a profit amid the new safety provisions imposed on banks. It expected a 2.8-billion-euro (3.1 billion dollars) net loss in the second quarter. (one euro equals to 1.12 U.S. dollars)
Latest comments