DOWNSIZING

Deutsche Bank to Cut 18,000 Investment Banking Jobs by 2022

The Germany-based bank plans on downsizing its investment banking division in a major company overhaul.

Deutsche Bank will cut 18,000 jobs by 2022 in an effort to restructure the company and downsize its investment banking division. The bank hopes to cut annual costs from 22.8 billion euros to 17 billion euros, bringing its total workforce down to 74,000, the Associated Press reported. The bank did not specify where the cuts would be geographically, although much of its investment banking work is done in London and New York. To bring costs down, Deutsche Bank also plans on dropping its stock-trading business. Sunday’s announcement heightens scrutiny of the bank following reports last month that it is under investigation over anti-money laundering laws. Congress also subpoenaed Deutsche Bank, along with several other American banks, in April seeking information on President Trump and his family’s finances.