It hopes to save 3bn euros ($3.7bn; £2.4bn) in a general overhaul of its investment banking arm, which will lose 1,500 posts.
The bank also said it is reviewing its pay and compensation deals for staff.
Deutsche also reported a 63% fall in second quarter earnings to 375m euros, from 969m euros last year.
In a joint statement, Deutsche's co-chairmen Jürgen Fitschen and Anshu Jain said: "The European sovereign debt crisis continues to weigh on investor confidence and client activity across the bank."
As late as April this year, Deutsche had insisted it would not need to make any job cuts.
Shares in Deutsche rose 2.3% to 25.42 euros in late trade in Frankfurt.
Source & Image : BBC
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