German bank Deutsche Bank (DB) announced plans to slash 1,900 jobs on the same day that the bank reported a 46% plunge in second-quarter earnings.
About 1,500 of those jobs will be in the investment banking division.
The bank’s earnings were heavily impacted by the investment bank side of its business. Earnings in the second quarter fell to $811 million, or 661 million euros, compared to 1.2 billion euros in the second quarter of 2011.
In an email, Deutsche Bank described the actions as proof it is “committed to being at the forefront of cultural change in the banking industry,” in its search for achieving the “relative balance between rewards for shareholders and those for employees.”
