Image: Deutsche BankGermany's biggest bank has announced plans to cut 15,000 jobs after posting a €6 billion (£4.3bn) loss in the third quarter.
Deutsche Bank will cut 9,000 full-time jobs and 6,000 contractor jobs. In addition, it plans to sell businesses that employ around 20,000 people over the next two years.
Co-chief executive, John Cryan said: "We expect to see the benefits of our hard work and potentially be in the midst of a powerful turn-around [by 2017]."
Deutsche Bank also plans to spin-off Postbank by listing it on the stock market, sell its 20% stake in Chinese bank, Hua Xia, and close banks in Argentina, Chile, Denmark, Finland, Malta, Mexico, New Zealand, Norway, Peru and Uruguay.
