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Deutsche Bank begins cutting 18,000 jobs

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Deutsche Bank begins cutting 18,000 jobs
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In what comes as one of the biggest overhauls to an investment bank since the aftermath of the financial crisis, Deutsche Bank began cutting 18,000 jobs globally. Whole teams were dismissed on Monday morning.

As part of the change, the bank will scrap its global equities business and cut some operations in its fixed income, an area traditionally regarded as one of its strengths.

Deutsche Bank said the restructuring would push the bank into a loss this year. It aims to break even or turn a profit in 2020 but there is "significant uncertainty in that forecast".

Shares were down more than 5 percent on Monday afternoon in Frankfurt.

Chief Executive Christian Sewing said that he was "doing nothing short of reinventing" Deutsche Bank, which will have been in the red for four out of the past five years.