Deutsche Bank announces major restructuring

Deutsche Bank on Sunday announced a massive restructuring that is designed to revive Germany's largest lender.

• It will exit its global equities sales and trading unit, make big cuts in its fixed income operation (particularly its rates business), and create a "bad bank" with around €74 billion ($83 billion) of risk-weighted assets.

The bottom line: This comes after Deutsche Bank failed to merge with local rival Commerzbank, and it means Deutsche is giving up (for now) on becoming a top player on Wall Street.