Deutsche Bank Shares Fall As Restructuring Begins

Berlin: Deutsche Bank shares fell on Monday as investors digested details of a huge restructuring of the German lender.

Shares were down 1.1 per cent at 7.10 euros having initially risen in early trade, reports Efe news.

The German bank said on Sunday that it expected to post a net loss of 2.8 billion euros ($3.14 billion) as a result of restructuring-related costs when it reports second-quarter results on July 24. It plans about 18,000 global job cuts, which represents about one out of five current full-time employees, by 2022.

In a call to reporters on Monday, Chief Executive Christian Sewing declined to give a regional breakdown of the planned cuts but said they wouldn't be concentrated on one region. Sewing said the investment bank would come out of the restructuring smaller but more stable. (IANS)

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