Germany's Deutsche Bank announces major restructuring plan
It will cut 18,000 jobs by 2022
07 July, 18:08The 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.
Deutsche Bank says it will cut 18,000 jobs by 2022 to increase profitability, boost shareholder returns.