Germany’s largest bank is undergoing a major reorganization and has cut 18,000 jobs. The loss is higher than expected.

Deutsche Bank suffered a loss of 3.1 billion euros in the second quarter of this year. The bank reports this on Wednesday. The loss is higher than predicted; earlier this month Deutsche Bank said it expected a loss of 2.8 billion euros.

The loss is said to be due to the major reorganization on which Germany’s largest bank is working. Earlier this month, Deutsche Bank announced that it would cut 18,000 jobs by 2022, about one-fifth of the number of employees. In total, the reforms will cost € 7.4 billion.

According to Deutsche Bank, it would have made more than 200 million euros in profit this quarter without the expensive reorganization. The bank says it has now “left a significant part” of the fall in income due to the reforms.

Deutsche Bank has not been doing well for a few years, partly as a result of imposed fines and penalties. The internationally oriented bank has been involved in several scandals in the financial sector in recent years.

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