"THE most fundamental transforma-tion of Deutsche Bank in decades." So Christian Sewing described his refashioning of the chronically unprofitable firm, announced on July 7th. Germany's biggest lender is trimming its investment bank— and excising the trading of shares altogether. Mr Sewing, chief executive since April 2018, intends to cut costs by €5.8bn ($6.7bn) a year, a quarter of the total, by 2022. Eighteen thousand jobs, a fifth of the payroll, will go. Some equity traders were shown thedooronJuly 8th.
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