Deutsche Bank Slashes Over 7,000 Jobs In Shake-up

Germany's largest lender Deutsche Bank said on Thursday that it will slash over 7,000 jobs globally and dramatically scale back its investment banking activities as it seeks to turn the page on years of losses.

The announcement fell on the same day as the bank's annual general meeting, where newly appointed Chief Executive Christian Sewing tried to reassure investors Deutsche is ready to do what it takes to return to profitability.

"We are not yet where we should be. Therefore we must act, and we must act swiftly and forcefully," Sewing told a sceptical audience in Frankfurt.

In a statement ahead of the meeting, Deutsche said the number of full-time positions globally would fall from 97,000 "to well below 90,000", adding that the personnel reductions were already underway.

The bank did not mention which countries would be affected, but said a quarter of the jobs in its equities and sales trading business would be scrapped.

The jobs cull is the first big decision taken by Sewing, who unexpectedly replaced CEO John Cryan in early April.

Sewing had already signalled he was planning deep cuts at Deutsche's trouble-plagued investment banking arm, and shift the focus to more stable business activities such as retail banking, particularly in Europe.

"We remain committed to our corporate and investment bank and our international presence," Sewing said.

"We are Europe's alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well." (AFP)