Deutsche Bank (DB) announced more than 7000 job cuts in its Equities Sales & Trading business, in its efforts to cut costs following weak trading performance. The company sees restructuring charges of up to 800 million euros in its 2018 results.

After reporting lower profit and revenues in its first quarter, with weakness in all segments, Deutsche Bank in late April had announced actions to reshape its Corporate & Investment Bank and additional cost-cutting measures, including job cuts. The company then said it was undertaking a review of its Global Equities business with the expectation of reducing its platform.

In the latest statement, the bank said it plans to reduce about 25 percent jobs in its Equities Sales & Trading business.

With the implementation of its plans, the number of full-time equivalent positions would fall to well below 90,000 from just over 97,000 currently. The associated personnel reductions are underway, it said.

For 2019, the Management Board plans to reduce adjusted costs to 22 billion euros with no further significant disposals currently planned.

The company also reaffirmed its target of a post-tax return on tangible equity or RoTE of approximately ten percent in a normalised business environment. The bank will seek to reach this goal from 2021 onwards.

The bank said it aims to deliver steady growth in return on capital over the coming years.