Deutsche Bank to axe 18,000 jobs

Germany’s struggling Deutsche Bank has said it will cut 18,000 jobs by 2022 in a sweeping restructure aimed at restoring consistent profitability and improving returns to its shareholders.

The bank, which has its headquarters in Frankfurt, said on Sunday that it would drop its stock sales and trading unit as part of a plan to exit more volatile investment banking activities.

The job cuts would reduce the workforce to 74,000.

The restructure is designed to remove six billion euro (£5.4 billion) in costs.

Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price.