Deutsche Bank Launches Restructuring

Added On July 9, 2019

The bank has 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, or about 83 billion U.S. dollars from these business units, the bank will create an internal "bad bank".
The bank said that the restructuring would include a workforce reduction to around 74,000 employees by 2022.
Some 18,000 jobs are to be cut worldwide - one-fifth of its 91,500 employees.
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.