(Yicai Global) July 8 -- Deutsche Bank will pull out of the equity trading business worldwide and is set to cut 18,000 of its 74,000 staffers around the world by 2022 in its largest restructuring in almost a decade, it announced yesterday on its website.

The Frankfurt, Germany-based company in which China's HNA Group holds shares will also bow out of the equality trading business worldwide, the restructuring plan unveiled on July 7 shows. Revenues from equity trading and derivative businesses fell 18 percent annually to EUR468 million (USD525 million), the company's first-quarter report shows.

Garth Ritchie, who will step down as the head of Deutsche Bank's investment banking, will be the first executive to leave the company since its restructuring, it announced on its website on July 5. Ritchie will leave at the end of this month based on a consensus reached by both sides, the bank said in the statement.

It plans to reduce EUR7.4 billion (USD8.3 billion) in costs by 2022, with the layoffs to pare EUR6.0 billion in costs. Deutsche Bank will issue its second-quarter financial report on July 25, which is expected to post a EUR2.8 billion loss for the period.

The company realized EUR201 million in net profits in the first quarter, up 67 percent on the year, mostly benefiting from continuous spending cuts and significant decrease in income tax payments. Its operating revenues fell by 9 percent annually to EUR6.35 billion, however.

China's HNA Group started to invest in Deutsche Bank shares at the start of 2017 and thereafter raised its stake to 9.92 percent in May of that year to become its largest shareholder. Tightening liquidity prompted the group to cut its holdings later, but it remains the biggest shareholder with 6.3 percent.

The company's stock has fallen to EUR8.03 (USD9) from over EUR20 since HNA Group started to buy in. 

Editor: Ben Armour