Deutsche Bank says to slash 18,000 jobs by 2022
Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.
The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.
The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period.
"Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank".
The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home country Germany.
The new round of job cuts comes on top of some 6,000 already carried out over the past year.
Bosses expect the restructuring plan to sap second-quarter ...