7/7/2019, 5:01 PM (Source: TeleTrader)
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Deutsche Bank announces €7.4B overhaul

Deutsche Bank announced a €7.4 billion overhaul of its business on Sunday, the company said in a statement. The German bank will diminish its activities in corporate and investment banking as a result and will completely exit its global sales and trading business. To manage the assets related to these businesses, Deutsche Bank will create a new capital release unit and plans to focus on corporate banking, financing, foreign exchange, origination and advisory, private banking and asset management.

The bank foresees a net loss of €2.8 billion in the second quarter due to the restructuring and a loss before income taxes of €500 million. A total of 18,000 jobs will be cut, Deutsche Bank added.

Earlier, it was revealed that the bank is also planning significant changes among its top management and that it is considering cutting 20,000 jobs.

Breaking the News / VP