Deutsche Bank set to cut staggering 18,000 jobs

Deutsche Bank is to cut 18,000 jobs over the next three years.

This is part of the bank’s major reorganisation. It is also set to report a Q2 loss of around £1.1bn.

Deutsche Bank is not yet able to confirm exactly where these jobs will be lost, however its biggest trading operations lies within London, with nearly 8,000 staff.

It is completely exiting buying and selling-related activities of shares - many are conducted in London and New York.

Christian Sewing, chief executive, said: “Today we have announced the most fundamental transformation of Deutsche Bank in decades.

“This is a restart for Deutsche Bank… In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world.”

By 2022, Deutsche Bank’s international workforce is to be cut to 74,000. The restructure will cost around £6bn within the next three years.