As part of the overhaul, the bank will scrap its global equities business, scale back its investment bank and also cut some of its fixed income operations, an area traditionally regarded as one of its strengths.

The bank will set up a new so-called bad bank [another one?] to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

The depth of the restructuring shows that Deutsche is coming to terms with its failure [!] to keep pace with Wall Street's big hitters such as JP Morgan Chase & Co (JPM.N) and Goldman Sachs (GS.N).

Soon after becoming CEO last year, Sewing started to cut jobs and promised to bring staffing "well below" 90,000. There were media reports from Reuters and others that Deutsche Bank could cut as many as 20,000 jobs -- more than one in five of its 91,500 employees.  ...Deutsche bank gave no geographic breakdown for the job cuts. The equities business is focused largely in New York and London. A person with direct knowledge of the matter said job cuts would be distributed around the world, including in Germany.
[...]
Stephan Szukalski, head of the DBV union, told Reuters that the measures were in the right direction, echoing the sentiment of the Verdi labor union.

"This could be a real new beginning for Deutsche Bank," said Szukalski, who also sits on the bank's supervisory board.