Deutsche Bank to cut 9,000 jobs, sell businesses after reporting $6.6 billion loss

FRANKFURT – Deutsche Bank says it’s cutting 9,000 jobs and selling businesses with 20,000 more jobs.

The announcement came Thursday as the bank reported a net loss of 6 billion euros ($6.6 billion). Net profit was hit by 5.8 billion euros in noncash charges for the reduced value of its investment bank and retail bank Postbank, which it plans to sell.

New CEO John Cryan said at a news conference that the bank faced “hard decisions” as he restructures it to make it less complex and more profitable, and to better deal with regulatory issues.