Germany’s biggest lender has posted a historic loss of €6 billion ($6.6 billion) as the bank continues to be bogged down by a string of legal charges. The report comes as Deutsche unveils a huge overhaul of its business, DW reported. Deutsche Bank on Thursday announced plans to axe 9,000 jobs and pull out of nearly a dozen countries as the German lending giant unveiled its biggest overhaul in years, following a record loss in the third quarter. The move is part of new co-chief John Cryan’ drive to create a leaner and cleaner bank after months of being weighed down by scandals and poor performance. Teasing the reorganization on Sunday, Cryan said the so-called “Strategy 2020” aimed “to create a bank that’s better-controlled, more cost-efficient and more strongly focused.” The planned shake-up has largely been welcomed by shareholders and regulators, who have long been calling for fundamental changes to Germany’s biggest bank. Until now, however, they had precious few details to latch on to.
