Deutsche Bank has confirmed plans to cut 18,000 jobs across its global business, with the layoffs coming two months after the company’s chief executive, Christian Sewing, promised shareholders tough cutbacks to save over €1bn.

The German Bank intends to completely exit activities related to the buying and selling of shares.

Deutsche Bank is understood to be planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets.