Deutsche Bank plunged to a €3.1bn loss in the second quarter as the costs and challenges of overhauling a business weighed down by an underperforming investment bank were laid bare.

Germany’s biggest lender reported its second-quarter earnings on July 24, just weeks after announcing a radical restructuring. It will strip out 18,000 jobs, exit certain business lines and create a so-called bad bank to house billions of dollars worth of unwanted legacy assets.