Deutsche Bank is axing 7,000 investment banking jobs

Get the Full StoryREUTERS Ralph Orlowski

Deutsche Bank is cutting its global headcount to below 90,000 from its current 97,000 level.

Equities sales and trading headcount is being cut by 25 and the investment bank leverage exposure is being cut by 10 .

CEO Christian Sewing: "We must concentrate on what we truly do well."

FRANKFURT Reuters - Deutsche Bank will shrink global staff to well below 90,000 from the current 97,000, as part of a broad restructuring move to reduce costs and restore profitability, it said on Thursday.

The bank said that it would cut headcount by 25 in its equities sales and trading business following a review of the business.See the rest of the story at Business InsiderSee Also:China's Premier Li says China and Germany uphold free tradeExclusive: Former Malaysia government used money raised from Khazanah to pay 1MDB dues - sourcesChina jails former insurance executive for 11 years over graft: state mediaSEE ALSO: Deutsche Bank could reportedly cut 10,000 jobs

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