Deutsche Bank has lowered growth projections on Tuesday, highlighting a gloomy economic backdrop.

The lender expects growth of just 1% a year by 2022, that is, half the projection made in July. The new set of projections match Germany’s overall economic outlook.

Chief Executive Christian Sewing presented investors with a restructuring plan, beginning with the lenders’ withdrawal from the US market and retrench in its home market.

Overall, the main objective is to sell unwanted assets and reduce costs. To this end, Deutsche has created yet another “bad bank,” the third of its kind since the financial crisis.

The bank expects to see lower returns from retail banking and wealth management but expects investment banking to rebound to 2% a year.

Lower interest rates hurt retail and corporate banking profits. Deutsche is now lending more to reduce the cost of capital deposits