Deutsche Bank has unveiled one of the most radical banking overhauls since the financial crisis, closing swaths of its trading unit and hiving off €74bn of assets as the struggling German lender calls time on its 20-year attempt to break into the top ranks of Wall Street.
Deutsche confirmed it would close down its lossmaking equities trading business and shrink its bond and rates trading operations in a long-awaited announcement on Sunday afternoon.
It is also creating a new bad bank — dubbed a “capital release unit” — that will comprise €74bn of risk-weighted assets, equivalent to €288bn of leverage exposure on the balance sheet.
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