The Latest: Deutsche Bank to slash 18,000 jobs in reshuffle

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Dark clouds cover the sky over the headquarter of Deutsche Bank in Frankfurt, Germany, Sunday, July 7, 2019. The supervisory board of the bank meets on Sunday to decide about further strategies. (AP Photo/Michael Probst)

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BERLIN (AP) — The Latest on Germany’s Deutsche Bank (all times local):

5:15 p.m.

Germany’s struggling Deutsche Bank says it will cut 18,000 jobs by 2022 in a sweeping restructuring aimed at restoring consistent profitability and improving returns to its shareholders.

The Frankfurt-headquartered bank said Sunday it would drop its stock sales and trading unit as part of a plan to exit more volatile investment banking activities.

It says it will also bundle 74 billion euros of assets into a separate unit for disposal, freeing capital reserves to pay for the restructuring.

The job cuts would reduce the workforce to 74,000. The restructuring intends to take out 6 billion euros in costs.

Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price.

___

3:55 p.m.

Germany’s biggest bank, Deutsche Bank, has announced a restructuring plan that will see it shed its equities sales and trading business as it tries to improve profitability and raise its share price.

The Frankfurt-based bank gave no details in its Sunday announcement of the potential impact on jobs.

Deutsche Bank said it expects to take charges totaling some 3 billion euros ($3.4 billion) for the second quarter and forecast a net loss for the quarter of 2.8 billion euros.

The bank said it expects cumulative charges of 7.4 billion euros related to the restructuring by the end of 2022.

In May, CEO Christian Sewing told shareholders he was ready to make “tough cuts” to improve the struggling bank’s profitability and to raise a “disappointing” share price.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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