Deutsche Bank CEO Targets Investment Bank for `Tough' Cuts - Bloomberg

Deutsche Bank CEO Targets Investment Bank for `Tough' Cuts - Bloomberg:

Deutsche Bank AG Chief Executive Officer Christian Sewing is targeting the investment bank for “tough cutbacks,” notably in equity trading, in a campaign to restore market confidence following the breakdown of takeover talks with Commerzbank AG.

“I can assure you: we are prepared to make tough cutbacks” to the securities unit, Sewing said Thursday at the bank’s annual shareholders’ meeting in Frankfurt. The CEO said he’s “rigorously focusing” on building up profitable and growing businesses.

Sewing didn’t say where the cuts would be, but he highlighted businesses where they’re unlikely to happen, such as origination and advisory as well as as foreign exchange, global credit trading and U.S. commercial real estate. He didn’t mention equities trading, an omission that was intentional, according to a person familiar with the matter.