For years & years, Deutsche Bank has faced challenges due to regulatory penalties & fines, low profits, high expenses, and a dropping share price.
The German bank has not said where the job cuts will be made, but it did say it would completely exit activities related to the buying and selling of shares, which are mostly carried out in London and NY.
Deutsche Bank AG's radical overhaul is about focusing the German lender on businesses where it's most competitive and the days of "spectacular ambition" at the investment bank are over, according to Chief Executive Officer Christian Sewing.
Its investment banking team for the Asia-Pacific region had about 300 people before the cuts, of which 10% to 15% will be laid off, nearly all in its ECM division, said a senior Asia banker with direct knowledge of the plans.
It will also slim down its division focused on fixed-income investments.
By doing that, the bank would focus on areas with steadier earnings such as serving corporate customers.
Chief Executive Christian Sewing told journalists from the bank's London office, where numerous cuts are expected, that he was "doing nothing short of reinventing" Deutsche Bank, which will have been in the red for four out of the past five years as it dealt with a series of setbacks.
"The job market in equities is going to be very tough", said George Kuznetsov head of research and analytics at Coalition, which analyzes the investment banking industry.
'We are tackling what is necessary to unleash our true potential: our business model, costs, capital and the management team.
'We are building on our strengths.
Deutsche Bank said it will cut its global workforce to 74,000 by 2022 and that the restructure will cost €7.4bn ($12.5bn) over the next three years.
The bank went three years consecutively without turning an annual profit before recording positive earnings for 2018.
The drastic measure comes after Deutsche Bank failed to merge with rival Commerzbank in April.
CEO Christian Sewing took over previous year and promised faster restructuring after predecessor John Cryan was perceived to have moved too slowly to restructure the bank.
Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs - more than one in five of its 91,500 employees.
But that hasn't ended the negative headlines.
As a lender to Trump, despite a series of corporate bankruptcies and defaults starting in the early 1990s, two congressional committees have subpoenaed Deutsche Bank documents as part their investigations into the United States president and his company.
Deutsche Bank was one of the few banks willing to lend to Trump after a series of corporate bankruptcies and defaults starting in the early 1990s.
Mr Trump had sued Deutsche Bank to stop the subpoenas, but a judge in May ruled against the president.