Banking giant Deutsche Bank has announced that it will cut 18,000 jobs by 2022, as the former leading light of the country’s financial sector looks to escape years of turmoil.
The job cut of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.
The layoffs will reduce the 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 it clear where the axe would fall, but many of its investment banking activities are been carried out in New York and London. With executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in the home country Germany.
The new round of job cuts comes on top of some 6,000 already carried out over the past year.
The move comes after the failure of merger talks with German rival Commerzbank.
(With Agency Inputs)
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