Deutsche Bank has confirmed it will cut around 18,000 jobs by 2022 in a "radical" restructuring plan.
An update from the bank said: "The bank expects to reduce adjusted costs by 6 billion euros to 17 billion euros in 2022. This includes workforce reduction of approximately 18,000 full-time equivalent employees."
In a statement announcing its "radical transformation", said: "Deutsche Bank is radically transforming its business model to become more profitable, improve shareholder returns and drive long-term growth.
"To execute its transformation, the bank will significantly downsize its investment bank and aims to cut total costs by a quarter by 2022."
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, which will free capital reserves to pay for the restructuring.
The job cuts would reduce the workforce to 74,000 and the restructuring intends to take out 6 billion euros in costs.
Deutsche Bank struggled with regulatory penalties and fines, weak profits, high costs as well as a falling share price.
Christian Sewing, Chief Executive Officer of Deutsche Bank, said: “Today we have announced the most fundamental transformation of Deutsche Bank in decades.
"We are tackling what is necessary to unleash our true potential: our business model, costs, capital and the management team. We are building on our strengths. This is a restart for Deutsche Bank – for the long-term benefit of our clients, employees, investors and society.”
When complete, the job cuts are to reduce the workforce to 74,000.
The bank would not say where the cuts would fall.
Many of its investment banking activities are carried out in New York and London.
Additional reporting by agencies.
