Far-reaching changes are needed at Deutsche Bank. That is what CEO Christian Sewing said during the shareholders’ meeting of the German bank. He announced, among other things, that he was going to cut firmly at the investment bank. With this, Sewing wants to regain investor confidence after the failed merger with industry counterpart Commerzbank.

Sewing did not say which parts to cut, but he emphasized where that will not happen. The branches that provide advice and loans, that deal with foreign currency trading and that trade in commercial real estate in the United States are exempt from this.

Since his appointment last year, Sewing has already done more interventions at the difficult-performing investment bank. These measures have not yet led to a higher share price. The value of those shares reached a new low point prior to the shareholders’ meeting.

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