By WSJ City 

Deutsche Bank CEO Christian Sewing signalled the lender will shrink its investment bank as it struggles to stabilise the business and regain support from investors who have pushed its shares to record lows. He called the decline in the bank's share-price a personal motivator for him.

KEY FACTS:

Shares hit another record low of EUR6.35 in early trading in Frankfurt.

Sewing said deeper investment-bank cuts are coming...

And the bank's management is prepared to make "tough cutbacks".

He said the bank will focus on profitable and growing businesses but didn't provide details.

He did focus heavily on the transaction bank, a historically important unit for Deutsche Bank.

Executives have discussed breaking the transaction bank away from the rest of the investment bank...

To highlight its stronger profit margins.The bank also "has big plans" for DWS, its asset-management business.

Why This Matters

Chairman Paul Achleitner said the lender is on the right track despite a year "fraught with setbacks," including new regulatory investigations and share declines. Deutsche Bank now needs a "clear focus" and must adjust its business divisions while remaining global, with a strong presence in the US and Asia, he added.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

May 23, 2019 08:14 ET (12:14 GMT)

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