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The plans were announced on Thursday alongside the bank's first-quarter earnings, in which it said not one of its corporate and investment banking business lines increased revenues year-on-year during the period.

Just weeks after ousting chief executive John Cryan and promoting retail banking head Christian Sewing to the top job, Deutsche has outlined a three-step plan to pull back from USA rates trading, reduce corporate finance coverage in favour of European clients and put its equities division under review. "There is no time to lose as the current returns for our shareholders are not acceptable".

Deutsche Bank will be scaling back operations in bond sales and equities trading, particularly in the United States and Asia.

According to Zacks, "On the NYSE, shares of Deutsche Bank have underperformed the industry, over the past six months".

Deutsche Bank AG is abandoning its ambitions to be a top global securities firm as it embarks on possibly the most sweeping overhaul yet of its struggling investment bank.

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"Our roots lie in Europe: it is here where we want to offer firms and institutional customers worldwide financial solutions".

"We are on a good track both in the DWS asset management business and in our Private & Commercial Bank, although we need to substantially improve profitability in both", CEO Sewing said.

It will kick off a review of its global equities business with a view to "reducing its platform", including pulling back leverage exposure to global prime finance.

"We have to act decisively and to adjust our strategy". The stock has a market capitalization of $29,451.51, a price-to-earnings ratio of -24.63 and a beta of 1.44.

Paul Achleitner, now Deutsche Bank's supervisory board chairman, advised it on the purchase while at Goldman Sachs Group Inc.

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Deutsche Bank confirmed that target on Thursday.

Yet the aggressive expansion eventually led to a spate of legal scandals that took Cryan a good part of his three-year tenure to clean up.

For the past months, Deutsche Bank had been reviewing the securities unit again to weed out unprofitable parts where it can no longer compete with its bigger US rivals.

Deutsche Bank said that the investment banking business would be aimed at its core European client base and on underwriting and financing areas in which it has a strong competitive position against other banks.

Given this background, Sewing said that he planned to slash the investment banking arm of the bank, especially in the U.S., and concentrate more in the future on European customers. The bank aims to get more profits by the end of the year through its $800 million restructuring project and a considerable cut of employees.

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We take very seriously our constitutional duty to thoroughly and carefully vet each nominee sent to the Senate for confirmation. Jerry Moran , R-Kan., said Jackson told him during a one-on-one meeting Tuesday that "he has never had a drink while on duty".

1Q sales and trading revenue EU2.45 billion, down 17%.


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