Germany’s biggest bank, Deutsche Bank, has announced a 15,000 job cuts after a €6 billion loss in Q3 of 2015.

The bank said it would cut 9,000 full-time jobs and 6,000 contractor roles.

Deutsche Bank is also planning to sell businesses employing 20,000 people over the next two years.

By 2018, “we expect to see the benefits of our hard work and potentially be in the midst of a powerful turn-around,” said John Cryan, co-chief executive.

The cuts represent just less than 15% of the firm’s total workforce.

Deutsche Bank’s shares fell 5.5% in Frankfurt trading on October 29.

The bank is trying to cut €3.8 billion of annual costs as European banks struggle with sluggish economic growth in their home markets and stricter regulation.

In times of low growth, reducing costs through job cuts is seen as a way to improve profits.

Deutsche Bank also plans to spin off Postbank with a stock market listing and sell its 20% stake in China’s Hua Xia Bank.

It has also said it will stop dividend payments for 2015 and 2016.

John Cryan told a news conference that the bank faced “hard decisions” as it was restructured.

“We must reduce Deutsche Bank’s complexity,” he added.

Deutsche Bank said it would close businesses in Malta, Argentina, Chile, Mexico, Finland, Peru, Uruguay, Denmark, Norway, and New Zealand. Some branches in Germany would close as well, John Cryan said.

The third-quarter loss was caused by more than €5.8 billion of charges in write downs and legal expenses at its investment bank and on assets it wants to sell, as well as higher litigation charges.

Of the 9,000 full-time job cuts, about 4,000 will take place in Germany.

Deutsche Bank employed 98,000 people as of the end of 2014, according to its annual report.