Deutsche Bank has announced they are to cut 18,000 jobs by 2022, the troubled German bank are restructuring in a bid to restore consistent profitability and improve returns to shareholders.
Headquartered in Frankfurt they bank said on Sunday they are to drop stock sales and trading unit to exit the more volatile investment banking activities.
Shares traders in Tokyo were told on Monday their jobs are being axed, along with teams of shares traders across Asia, to make the bank “leaner and stronger.”
The restructuring costs will remove €6bn in costs, the bank is also to report second quarter losses of €2.8bn which is in part due to the shake-up.
A spokesperson for Deutsche Bank said, “We have decided to focus our resources on businesses where clients need us most.
“We are setting up a dedicated corporate bank specialising in the financing and treasury products the world’s companies need to support trade and investment around the globe.
“Deutsche Bank will remain an international bank. That’s what our clients need.”
In London the bank employs 8,000 staff and is one of the largest employers in the City.
In a statement the bank said on Monday, “We will retain a significant presence here and remain a close partner to our UK clients and to international institutions that want to access the London market.”