The announcement came as the German lender reported a $6.6 billion quarterly net loss.
The loss was a result of a large write-down of its holdings in a Chinese bank and legal and regulatory charges related to investigations over allegations it violated sanctions agreements by conducting transactions with Iran, Sudan and other countries.
The loss was slightly smaller than forecast.
The bank said 9,000 full-time jobs would be eliminated by 2020 along with about 6,000 contractor positions. A further 20,000 jobs will be shed over the next two years, it said.
"In the third quarter 2015 we reported a record net loss — a highly disappointing result that was largely driven by items we had already flagged earlier in October," John Cryan, Deutsche Bank's new co-CEO, noted in a statement.
Speaking at a news conference, Cryan said the company faced "hard decisions" during a reorganization to make it less complex and more profitable.
Deutsche Bank is expected later Thursday to unveil details about its new strategy, including updated financial targets.
On Wednesday, the bank said it would scrap its dividend payment to investors for 2015 and 2016. Earlier this month, Deutsche Bank said it was planning to split its investment bank into two divisions.
Cryan's co-CEO Jürgen Fitschen is stepping down next year.
The pair assumed the helm of Germany's largest bank, also one of the world's largest, after Anshu Jain resigned in June amid pressure from shareholders who were unhappy with the bank's performance. During his tenor, Jain also cut thousands of jobs and closed many branches of the Frankfurt-headquartered bank.
