FILE PHOTO: Germany's headquarters is in Frankfurt, Germany October 29, 2015. REUTERS / Kai Pfaffenbach / Filfoto
FRANKFURT (Reuters) ̵
the bank will also scrape its global equity business and reduce the investment bank. It expects a net loss of EUR 2.8 billion (NOK 2.51 billion) in the second quarter as a result of restructuring costs.
Deutsche said it would also cut its interest rate impact, especially in relation to rates. It will also create a new unit to liquidate unwanted assets, worth € 74 billion of risk-weighted assets.
CEO Christian Sewing flagged a major restructuring in May when he promised shareholders "tough cuts" to the investment bank. The promise came after Deutsche did not agree with a merger with competitor Commerzbank ( CBKG.DE ).
Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs – more than one in five of its 91,500 employees.
In that case, the bank said it would reduce the number of employees to 74,000 employees by 2022.
The Bank's Supervisory Board met on Sunday to accept the proposed changes, one of the largest shake-ups in the industry since the financial crisis.
Reporting by Tom Sims; Editing by Keith Weir