Deutsche Bank (DB) - Get Deutsche Bank AG Report shares tumbled Wednesday after the struggling German lender posted a bigger-than-expected second quarter loss even after warning investors earlier this month that restructuring charges would hammer its bottom line.

Deutsche Bank said its loss for the three months ending in June came it at €3.15 billion, a massive swing from the €401 million profit it posted over the same period last year and some 12.5% higher than the €2.8 billion loss it had estimated for investors on July 7.  

"We have already taken significant steps to implement our strategy to transform Deutsche Bank. These are reflected in our results. A substantial part of our restructuring costs is already digested in the second quarter," said CEO Christian Sewing. "Excluding transformation charges the bank would be profitable and in our more stable businesses revenues were flat or growing. This, combined with our solid capital and liquidity position, gives us a firm foundation for growth."

Deutsche Bank's U.S.-listed shares were marked 3.27% lower in pre-market trading Wednesday, indicating an opening bell price of $7.69 each, while its main Frankfurt listing showed a 3.16% slide on the session to change hands at €6.90 each in a move that still leaves the stock with a one-year decline of around 29% and a market value of around €14 billion.

Deutsche Bank said earlier this month that it expects to cut around 18,000 jobs, some 20% of its global total, and create a so-called "bad bank" for around €74 billion in under-performing assets as part of the restructuring.

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The overhaul, which will cost the bank €3 billion in second quarter charges, will also mean lead to a €2.8 billion loss over the three months ending in June, a suspension of the bank's regular dividend and a 40% reduction in the overall asset base of the business units targeted for change.

Sewing called the moves "the most fundamental transformation of Deutsche Bank in decades" and said it was a "restart" that would "benefit of our clients, employees, investors and society."

Three senior executives will also leave the lender following the global restructuring, Deutsche Bank said, including investment banking chief Garth Ritchie, who's departure was announced on Friday prior to the news that his former department -- responsible for around half of the bank's revenues -- - will be split in two.

Deutsche Bank is now targeting a return on tangible equity of 8%, to be reached by 2022, by which time it also hopes to have around €5 billion available for dividends and share buybacks.

Last month, Deutsche Bank's U.S. operations passed the Federal Reserve's annual stress tests, a series of assessments designed to see if a lender can weather a sharp economic downturn, allowing the unit to potentially boost investor payouts and return some profits to the European lender's home base.

The tests said that Deutsche Bank's U.S. operations would have a common equity tier 1 capital that would "comfortably exceed" minimum requirements in an adverse economic scenario, "and would not fall below 14.8% at any time over the nine-quarter planning horizon", the bank said in a statement. The U.S. division had $133 billion in assets as of March 31, Deutsche Bank said, representing around 8% of the lender's global balance sheet.