Deutsche Bank to Cut 7,000 Jobs

Deutsche Bank to Cut 7,000 Jobs

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LONDON — Deutsche Bank, Germany’s biggest lender, said on Thursday that it would cut 7,000 jobs and “significantly reshape” its sales and trading business, the latest sign of the bank’s curtailed ambition as it seeks to move past a series of crises.

The job losses — equivalent to 7 percent of its work force — come a month after Christian Sewing took over as chief executive, the fourth person in four years to hold the title, or that of co-chief executive, at the bank.

Mr. Sewing has already said the bank will focus on Europe and shrink its operations in the United States and Asia, effectively giving up on years of efforts to join the likes of Goldman Sachs and JP Morgan Chase as a Wall Street titan.

“We remain committed to our corporate and investment bank and our international presence — we are unwavering in that,” Mr. Sewing said Thursday in a statement. But, he added, “we must concentrate on what we truly do well.”

Deutsche Bank said that, in addition to the job cuts, it would also seek to reduce its leverage exposure in its corporate and investment bank by about a tenth, an amount that would total around 100 billion euros, or $117 billion.

The announcement came just hours ahead of the bank’s annual general meeting, during which its chairman, Paul Achleitner, is expected to come under pressure.

Mr. Achleitner, who has been chairman of Deutsche Bank’s supervisory board since 2012, has been the target of increasing criticism for the lender’s missteps. The agenda at the annual general meeting on Thursday includes a motion to oust him, although he is expected to keep his job, because his removal would throw the bank into even greater turmoil.

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