The European investment financial institution, Deutsche Bank, is exiting from its equity sales and trading businesses. This is in a bid to increase profitability. Consequently, the bank is slashing 18,000 jobs as per a Bloomberg report. The bank’s equities arm has posted a €2.8 billion Q2 2019 loss necessitating the cut of its workforce by a fifth.
In the bank’s statement made on Sunday, Christian Sewing its Chief Executive Officer said: