Deutsche Bank CEO Christian Sewing has announced the bank will need to implement radical changes to make operations more profitable and cut losses, Financial Times writes. Sewing said it might need “to make tough cutbacks” to achieve it, although he didn't specify which operations would be affected. It is likely its U.S. equities business, which has been generating losses, might be one of the targets.
During the last 13 months, Deutsche Bank share value has fallen by 40 per cent. Following the announcement, the price has fallen to €6.42.