By Euan Conley 
 

Deutsche Bank AG (DBK.XE) said Thursday that it plans to cut thousands of jobs as part of the overhaul of its corporate and investment banking operation.

The German bank said the company's headcount will fall "well below" 90,000, from just over 97,000.

In its equities sales and trading business, the bank said it is aiming to reduce headcount by about 25%. Christian Sewing, Deutsche Bank's recently appointed chief executive, said the bank "must concentrate on what we truly do well."

Mr. Sewing said the bank remains "committed to our Corporate & Investment Bank and our international presence."

The Wall Street Journal on Wednesday reported that Deutsche Bank was planning to eliminate around 10,000 full-time positions, or roughly 1 in 10 jobs at the bank.

Deutsche Bank said it expects its 2018 results to be hit by restructuring charges of up to 800 million euros ($936.4 million). For 2019, the bank plans to cut adjusted costs to EUR22 billion, it said.

The news comes ahead of the bank's annual general meeting on Thursday.

Write to Euan Conley at euan.conley@dowjones.com

(END) Dow Jones Newswires

May 24, 2018 02:19 ET (06:19 GMT)