Deutsche Bank cuts 18,000 jobs as part of $8.3b overhaul

Deutsche Bank cuts 18,000 jobs as part of $8.3b overhaul

A logo sits on display in front of the Deutsche Bank AG headquarters at dawn in Frankfurt, Germany. Photographer: Ralph Orlowski/Bloomberg

Deutsche Bank AG unveiled a radical overhaul that will see the lender exit its equities business, post a 2.8 billion-euro ($3.1 billion) second-quarter loss and cut the workforce by a fifth to reverse a slide in profitability.

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