Deutsche Bank has confirmed plans to cut 7,000 jobs as part of a 'significant reshaping' of its equities and trading business.
In a statement issued on Thursday following its annual meeting, the bank said it plans to reduce headcount in the equities and trading business by 25%
'We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,' chair Christian Sewing said in the statement.
'We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.'
The job cuts will reduce Deutsch's workforce from just over 97,000 to below 90,000.