Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul

Deutsche Bank announced Sunday that it will pull out of its global equities sales and trading business as part of a sweeping restructuring plan to improve its profitability.

Deutsche will also slash 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce costs by 6 billion euros to 17 billion euros in coming years. 

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Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul