Deutsche Bank has unveiled one of the most radical banking overhauls since the financial crisis, closing swaths of its trading unit, cutting 18,000 jobs and hiving off €74 billion ($139b) of assets as it calls time on its 20-year attempt to break into the top ranks of Wall Street.

The struggling German lender confirmed it would close down its loss making equities trading business and shrink its bond and rates trading operations in a long-awaited announcement on Sunday afternoon.

The axe will fall hardest on the investment bank, where the balance sheet allocated to trading will be slashed by 40

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