Deutsche Bank shares slumped more than 5 percent as the German lender announced a mass restructuring program over the weekend. In one of its boldest overhauls, the bank will see 18,000 jobs cut by 2022 and the closure of its global equities sales and trading business in a bid to improve profitability.
The bank expects the sweeping reforms, which also involve the creation of a 74 billion euro ($83.05 billion) “bad bank,” to cost 7.4 billion euros by 2022. With second-quarter results due on July 25, Deutsche is expected to report a net loss of 2.8 billion euros.
