Deutsche Bank CEO Slashes 18,000 Jobs in $8.3 Billion Revamp
- Bank expects to exit its equities sales and trading business
- Lender sees no dividend for this year or next amid overhaul
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Deutsche Bank AG unveiled a radical overhaul that will see the lender exit its equities business, post a 2.8 billion-euro ($3.1 billion) second-quarter loss and cut the workforce by a fifth to reverse a slide in profitability.
Chief Executive Officer Christian Sewing will shelve the dividend this year and next and take restructuring charges of 7.4 billion euros through 2022 to pay for an overhaul that shrinks the German lender’s once-mighty investment bank along with its global footprint and key fixed-income business.