Another 6,000 will go as it gets rid of contractors.

He’s had to unveil a colossal record net loss of €6 billion (£4.3 billion, $6.6 billion) with €1.2 billion of that being for litigation charges, which shows he is desperately needed to turn the bank’s fortunes around.

Deutsche Bank is mired in a tangle of litigation cases and has been fined for involvement in rigging interest rates. “We must reduce Deutsche Bank’s complexity”, he added. A few branches in Germany would close as well, Cryan said. 20,000 jobs will be eliminated when Deutsche Bank spins off its subsidiary bank Postbank, as well as 9,000 full-time jobs and 6,000 contract positions to be cut by 2020.

Details of the broad reorganization came as the bank reported a EUR6 billion net loss for the third quarter, in line with a recent warning after writing down the value of key investment-banking and other assets.

Other foreign banks that are expected to release results in the coming days include The Royal Bank of Scotland Group plc RBS, Mitsubishi UFJ Financial Group, Inc. Under the new structure, current Corporate Banking & Securities division will be split into two business divisions: CIB will be created by moving corporate finance from CB&S into Global Transaction Banking – where Werner Steinmüller will remain in charge – while sales and trading activities will be combined in a new business division called Global Markets. On top of this, “our revenues were impacted by challenging market conditions with persistent low interest rates and uncertainty around the (US) Federal Reserve’s interest rate policy”, Cryan said at his first official appearance as co-CEO.

Deutsche Bank declined to comment on its profit goals, but a source familiar with the bank said it had set itself internal pretax profit targets of 7 billion euros ($7.7 billion) for 2017 and 10 billion for 2018.

Announcements by his predecessors “have lacked credibility because they didn’t want to admit that they couldn’t make it in investment banking, or because cost-cutting in Europe is harder to do than elsewhere”, Smith said.

Ever since its post-World War Two reestablishment in 1952, Deutsche Bank has always paid a dividend. Shareholders have complained the bank is too complicated and not profitable enough.

The shares fell as much as 6.9 percent and were 5.5 percent lower at 25.96 euros as of 11:22 a.m. in Frankfurt.