FRANKFURT: Deutsche Bank said that it would cut 18,000 jobs by 2022 stating to restore consistent profitability and better returns to shareholders.

Bank would cut roughly a quarter of its total annual costs, from 22.8 billion euros ($25.6 billion) last year to 17 billion euros, through steps such as dropping the investment bank’s stock-trading business, the Frankfurt-headquartered bank said

It also plans to slim the division focused on fixed-income investments.

The aim is to focus on areas where the bank is among market leaders, and on businesses with steadier earnings such as serving corporate customers.

(Agencies)