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Deutsche Bank ready for ‘tough cutbacks’ in investment banking

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The bank’s shares hit a record low on Thursday as the CEO faces shareholder discontent over its strategy and leadership

Deutsche Bank’s CEO is prepared to make “tough cutbacks” in its investment banking business, whose future is in doubt after several failed restructurings, in order to be profitable and competitive.

Deutsche Bank’s struggling equities division, which is mainly based in New York and London and saw steep cutbacks last year, is a target, and prime brokerage that serves hedge funds is also under scrutiny, a person with knowledge of the matter said. Deutsche Bank is also facing tough questions over its failed merger talks with Commerzbank and top shareholders have said that its chair, Paul Achleitner, should step down before his term ends in 2022.

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