By Associated Press
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, or $83 billion, into a separate unit for disposal, freeing capital reserves to pay for the restructuring.
The troubled lender also said it would sell its electronic equities and prime finance businesses to Paris-based bank BNP Paribas /zigman2/quotes/203020019/delayed XE:BNP -2.79% , according to Paul Clarke of MarketWatch affiliate Financial News .
“Today we have announced the most fundamental transformation of Deutsche Bank in decades,” wrote Christian Sewing, chief executive officer at Deutsche Bank, in a written statement.
The job cuts would reduce the workforce to 74,000. The restructuring intends to take out 6 billion euros in costs.
Deutsche Bank /zigman2/quotes/207242873/delayed XE:DBK -2.72% has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price.
MarketWatch markets editor Mark DeCambre contributed to this report.