A customer pays a taxi-driver near the offices of Deutsche Bank AG in London, U.K., on Monday, July 8, 2019. Deutsche Bank announced a sweeping turnaround plan that will transform Germany’s biggest bank, with Chief Executive Officer Christian Sewing radically shrinking and reshaping its global operations. Photographer: Jason Alden/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Big players on the Wall Street have termed Deutsche Bank’s major restructuring drive as “very deep,” “radical” as well as “challenging.”
Deutsche Bank announced Sunday that it will pull out of its global equities sales and trading operations, scale back its investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.
Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years. The shares were down…