Deutsche Bank posts worst quarterly loss in four years

German lender counts cost of plan to cut 18,000 jobs as it records 3.1bn shortfall Deutsche Bank has made its biggest quarterly loss in four years as it counts the costs of plans to reduce its global workforce by 18,000. The German lender made a 3.1bn (2.8bn) net loss in the second quarter, driven by 3.4bn in costs related to job cuts and reorganisation at the bank. Deutsche Bank expects the turnaround strategy to cost a total of 7.4bn and …

Deutsche Bank ‘faces US investigation’ over work for Malaysia’s 1MDB fund

Report says justice officials examining if bank broke foreign corruption or money-laundering laws US officials are investigating whether the crisis-hit Deutsche Bank violated foreign corruption or anti-money-laundering laws in its work for the Malaysian state fund 1MDB, according to reports. It follows the banks plans to scrap its global equities unit, cut some fixed-income operations and slash 18,000 jobs globally Wall Street Journal said on Wednesday, citing sources. Much of the $6bn raised by the now-defunct sovereign fund during its …