Germany's Deutsche Bank announces major restructuring plan

Germany's Deutsche Bank announces major restructuring plan
Dark clouds cover the sky over the headquarter of Deutsche Bank in Frankfurt, Germany, Sunday, July 7, 2019. The supervisory board of the bank meets on Sunday to decide about further strategies. (AP Photo/Michael Probst)

BERLIN (AP) — Germany’s biggest bank, Deutsche Bank, has announced a restructuring plan that will see it shed its equities sales and trading business as it tries to improve profitability and raise its share price.

The Frankfurt-based bank gave no details in its Sunday announcement of the potential impact on jobs.

Deutsche Bank said it expects to take charges totaling some 3 billion euros ($3.4 billion) for the second quarter and forecast a net loss for the quarter of 2.8 billion euros.

The bank said it expects cumulative charges of 7.4 billion euros related to the restructuring by the end of 2022.

In May, CEO Christian Sewing told shareholders he was ready to make “tough cuts” to improve the struggling bank’s profitability and to raise a “disappointing” share price.