After Controversies, Deutsche Bank To Cut 18,000 Jobs Globally Amid Restructuring

Deutsche Bank (DB) is looking to cut 20% of its workforce as the company seeks to restructure amid troubles over the past decade.

By cutting 18,000 of its employees worldwide, the German bank hopes to reduce its costs by 6 million euros ($6.7 million). Deutsche will also pull out of the global equities business.

"Deutsche Bank has been through a difficult period over the past decade, but with this new strategy in place, we now have every reason to look forward with confidence and optimism," said Paul Achleitner, Chairman of Deutsche Bank's supervisory board.

Deutsche also said it expects to report a net loss of 2.9 billion euros ($3.25 billion) in the second quarter of 2019.

Deutsche Bank's investment banking chief Garth Ritchie on Friday decided to step down.

The bank has been the target of numerous scandals that have damaged its image in recent years.

Its offices were raided by German police in November due to a money-laundering probe. In January 2017, the company settled $7.2 billion with the U.S. Justice Department for misleading investors before and after the 2008 financial crisis.

Other scandals include allegations that it had been laundering money in and out of Russia. It was also part of an interest rate scam between 2003 to 2007. In November 2015, Deutsche was hit with a $258 million fine for violating U.S. sanctions against countries such as Libya, Iran, Syria and Sudan.

The bank has also dealt with controversy stemming from its relationship with President Trump, particularly during his bankruptcies in the 1990s. A report from the New York Times alleged that Deutsche Bank ignored advice from its own anti-money laundering specialists that it should flag suspicious transactions from Trump-controlled entities. Deutsche Bank denied the report.

Frankfurt-based Deutsche is the fourth largest bank in Europe.