Deutsche Bank to make 'significant' job cuts

Deutsche Bank's new chief executive Christian Sewing announced a series of "painful but regrettably unavoidable" job cuts as the German bank looked to scale back its corporate and investment banking operations.

Deutsche Bank, which employs around 97,000 people around the globe, with about 40,000 of its employees working in its corporate and investment banking arm, let go of its previous chief executive, Paul Cryan, earlier in April after it posted an annual loss of €500m at the end of February.

The cuts will centre on its US and Asian operations, Deutsche Bank said, which could reportedly put thousands of jobs at risk.

"These reductions are painful but regrettably unavoidable to ensure our bank's competitiveness in the long run," Sewing said on Thursday.

"Deutsche Bank is deeply rooted in Europe - here we want to provide our clients access to global financing and treasury solutions," he added. "This is what we will focus on more decisively."

Deutsche currently employs 10,000 people in the US, the majority of which worked within its corporate and investment banking unit, while in the Asia-Pacific region, it has 21,000 employees.

As of 1400 BST, shares had declined 1.25% to €11.84 per share.