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Deutsche Bank's $8.3 Billion Overhaul Means Shedding 18,000 Jobs

Credit: Wochit
Published on July 7, 2019 - Duration: 00:44s

Deutsche Bank's $8.3 Billion Overhaul Means Shedding 18,000 Jobs

Deutsche Bank plans to cut 18,000 jobs in a sweeping, $8.3 billion overhaul.

According to Reuters, the purge is designed to turn around Germany’s struggling flagship lender.

The bank will also jettison its global equities business and scale back its investment bank.

The bank expects a $3.1 billion net loss in the second quarter as a result of restructuring charges.

The pledge came after Deutsche failed to agree a merger with rival Commerzbank.

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