Deutsche Bank on overhaul

The bank is in a crisis. The open discussion of Cryan

FRANKFURT: Deutsche Bank AG is embarking on what may be the most sweeping overhaul ever of its struggling investment bank and said it would focus more on European clients, walking away from ambitions to be a top global securities firm.

Germany’s largest lender will scale back US rates sales and trading, reduce the corporate finance business in the US and Asia, and review its global equities business with a view toward cutting it back, the bank said in a statement yesterday. The measures will lead to a “significant reduction” in the workforce this year, Deutsche Bank said.