The bank, which has its headquarters in Frankfurt, did not confirm where jobs will be lost but it is expected its operations in London and NY will be most affected.
The radical and painful restructuring of Germany's Deutsche Bank, which is cutting 18,000 jobs, is the end of a long, failed attempt to compete with the global investment banking giants that left it overextended.
DEUTSCHE Bank AG will exit its equities business and post a net loss of 2.8 billion euros (S$4.3 billion) in the second quarter as chief executive officer Christian Sewing seeks to boost profitability and shrink the German lender's once-mighty investment banking unit.
The Frankfurt-headquartered investment bank said it would cut roughly a quarter of its total annual costs, from 22.8 billion euros ($25.6 billion) previous year to 17 billion euros.
One of the bank's traders, Greg Lippmann (played by Ryan Gosling in The Big Short), warned his clients not to buy the CDOs and instead "short" (bet against) them ahead of the coming collapse despite his employer selling products he deemed to be untenable.
Deutsche Bank gave no geographic breakdown for the job cuts, although the bulk are expected in Europe and the US.
"If Deutsche Bank were to collapse it would be a surprise".
Deutsche has struggled to cope with extra costs imposed by regulators since the financial crisis, turning its once powerful investment bank into a massive burden.
Bankers in Sydney seen leaving the lender's offices on Monday confirmed they worked for Deutsche Bank and were being laid off, but declined to give their names as they were due to return later to sign redundancy packages.
He added, "We have a talented and dedicated team at the helm to relentlessly execute what we promise today and to create a sustainably profitable bank".
The announcement has at least been initially welcomed by financial markets with its share price up by 3% to €7.42 per share as of Monday morning.
The investment bank generates about half of Deutsche's revenue but is also a volatile business. So far this year, it ranks 8th regionally for merger-and-acquisition activity.
The CRU will also receive around $83 billion of Risk-Weighted Assets (RWA) with the bank planning to reduce credit risk related RWA of the CRU to $11.2 billion by 2021.
One equities trader in Hong Kong said the mood was "pretty gloomy" as people were called in to meetings.
For Deutsche Bank staff whose jobs are safe for now, there was some relief, but also big doubts about the future.
'If you have a job for me please let me know.
"Our ECM business has to be scaled back but it's not like everything will happen in one day", he said.