It used to be a powerful symbol of the German economy: Deutsche Bank. But it has been in crisis for years. The problems are mainly self-made. The police raided the company in November. The suspicion: money laundering.
Deutsche Bank says it will cut 18,000 jobs by 2022 as part of a major restructuring of the embattled bank. For years, Germany's biggest lender has suffered from weak performance and legal woes.
US authorities are investigating whether Deutsche Bank violated foreign-corruption or anti-money-laundering laws. The probe is the latest in a series of regulatory and legal troubles afflicting the German lender.
Public outrage at departing financial executives receiving millions is often palpable. Yet grappling with the issue is harder than it looks in an industry that serves itself above all others.
The German lender is cutting thousands of jobs and shedding whole business lines as part of a massive overhaul. Analysts say cost cutting alone is not going to rid Deutsche Bank of its current woes.
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