Deutsche Bank slumped to a €832m loss during the third quarter as the cost of the radical overhaul of its global business continued to weigh heavily on the group.

The loss was greater than forecast by analysts — who predicted €778m — but less than the €3.1bn loss booked by the bank for the second quarter, shortly after chief executive Christian Sewing unveiled his plans to cut around 18,000 jobs and radically reshape its investment bank.