Deutsche Bank is to slash more than 20 percent of its global workforce over the next three years, the bank said on Sunday, July 7. Most of the job losses will be in the investment banking division. The bank has large investment operations in London and New York, although where the 18,000 job losses will fall has not yet been announced.

The Frankfurt-headquartered bank has been struggling for several years to repair its tarnished reputation, particularly in regard to the banking affairs of serving US President Donald Trump.

Last year was the first in four years in which the bank made a profit. The planned lay-offs are intended to reduce annual operating costs from 22.8 billion euros in 2018 to 17 billion euros in 2022.

Deutsche Bank has an office in Monaco serving high net worth clients, located at 7 blvd. des Moulins.