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Deutsche Bank shrinks investment bank, quits equities in major overhaul

Frankfurt: Deutsche Bank plans to scrap its global equities business and scale back its investment bank in a sweeping, €7.4 billion ($11.9 billion) overhaul designed to turn around the struggling German flagship lender.

Deutsche Bank's headquarters in Frankfurt.

Deutsche Bank’s headquarters in Frankfurt.Credit:Bloomberg

The bank expects a €2.8 billion net loss in the second quarter as a result of restructuring charges.

Deutsche said that it would also cut its fixed income operations, especially its rates business.

It will create a new unit to wind-down unwanted assets, with a value of €74 billion of risk-weighted assets.

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