Deutsche Bank says to slash 18,000 jobs by 2022

FRANKFURT AM MAIN: Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs -- around one in five of its workforce -- by 2022, as it launched yet another round of restructuring after years floundering with weak performance and legal woes.

Restructuring would include "a workforce reduction" of approximately 18,000 employees to "around 74,000 employees by 2022", Deutsche said in a statement, adding that the layoffs would contribute to reducing annual costs by six billion euros ($6.7 billion) over the same period.