On Sunday, battered international investment bank Deutsche Bank AG announced it will be exiting the equities business and cutting 18,000 jobs as part of an aggressive restructuring plan.
Deutsche Bank said it will eliminate its trading business as part of a cost-cutting plan that will eliminate 6 billion euros ($6.7 billion) in expenses and reduce the bank’s headcount to 74,000 by 2022.
In addition to the restructuring plan, Deutsche Bank said it anticipates a 2.8-billion-euro loss when it reports second-quarter financials July 25.
In 2017, Deutsche Bank paid the U.S. Justice Department a $7.2-billion settlement related to the bank’s mortgage-backed securities business that contributed to the 2008 financial crisis. Deutsche Bank was also fined $630 million related to allegations of Russian money laundering.
Several Wall Street analysts weighed in on Deutsche Bank’s new restructuring plan; here’s a sampling of what they have to say….CLICK for complete article