The plan represents a major retreat from trading by Deutsche Bank, which for years had tried to compete as a major force on Wall Street.
The bank said one-time charges from the changes would mean a net loss of 2.8 billion euros in the second quarter.
Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs - more than one in five of its 91,500 employees.
Deutsche Bank will create a bad bank, called the Capital Release Unit, to manage the wind-down of assets related to its investment bank.
Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank.
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There was no word on where the jobs would be cut, but the bank is dropping all business involving the buying and selling of shares, and much of that work happens in London and NY.
That would leave it with 74,000 employees by 2022.
The aim is to focus on areas where the bank is among market leaders, and on businesses with steadier earnings such as serving corporate customers.
The Frankfurt-based lender expects to stop offering trading of cash equities, equities research and may no longer underwrite initial public offerings in the region, the person said, asking not to be identified as the matter is private.
Paul Achleitner, the chairman of Deutsche's supervisory board, said: "Deutsche Bank has been through a hard period over the past decade, but with this new strategy in place we now have every reason to look forward with confidence and optimism".
Stephan Szukalski, head of the DBV union, told Reuters that the measures were in the right direction.