"Deutsche Bank" will cut 15 thousand jobs from losses

"Deutsche Bank" has announced it will cut 15 thousand jobs, due to losses of 6 billion euros in the third quarter of this year.

The largest bank in Germany has further detailed its decision, stating that it would cut 9,000 jobs and 6,000 full-time role of contractors. Meanwhile, she is also scheduled to sell the businesses, which can employ 20 thousand people, over the next two years.

One of the chief executives of the "Deutsche Bank" John Cryan said that "we expect that by 2018 we can see the benefits of our work tedious and probably will be among a turning powerful in financial terms."

The cuts represent less than 15% of the total labor force of the company. This comes after the German bank shares fell by 5.5% on the Frankfurt Stock Exchange.

Among others, "Deutsche Bank" is trying to cut costs by 3.8 billion euros annually, as European banks are having difficulty with slow economic growth in their domestic markets and strict rules.

In these difficult times, the German bank, agrees to sell 20% stake in the "Postbank" the Chinese "Hua Xia Bank" and discontinue dividend payments for the years 2015 and 2016. The Bank may also close businesses extended Malta, Argentina, Chile, Mexico, Finland, Peru, Uruguay, Denmark, Norway and New Zealand, but some branches in Germany.