Deutsche Bank posts a 5.3 billion euro net loss for 2019

2016A statue is seen next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany.

Kai Pfaffenbach | Reuters

Deutsche Bank on Thursday posted a full-year net loss of 5.3 billion euros ($5.8 billion) amid a huge transformation project, the cost of which the German lender said is now 70% complete.

The German lender announced in July that it would pull out of its global equities sales and trading operations, scale back its investment banking division and cut 18,000 jobs in a bid to trim its adjusted cost base by 20% by 2022.

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