Frankfurt, Germany - Deutsche Bank says it is cutting 35,000 jobs through redundancies and the sale of businesses as new CEO John Cryan seeks to make Germany’s biggest lender more manageable and profitable.

The bank will slash 9,000 full-time jobs, 6,000 contractor positions and sell operations with 20,000 more workers. It will also close local operations in 10 smaller countries.

Most the jobs to be shed by selling businesses are at the bank’s Postbank retail bank, which the bank plans to divest. By 2018, the cuts and disposals are to shrink the bank’s workforce from around 103,000 to 77,000.

The announcement came Thursday as the bank reported a net loss of 6 billion euros ($6.6 billion). Net profit was hit by 5.8 billion euros in noncash charges for the reduced value of its investment bank and Postbank. The bank will not pay a dividend this year and next year to retain capital and strengthen the bank’s finances against possible financial turbulence.... Read More: VIN