Deutsche bank CEO says global ambition isn't under debate

[FRANKFURT] Deutsche Bank AG chief executive officer Christian Sewing said the bank's global ambitions aren't under debate while he's in charge, even as the bank retrenches in investment banking.

"We stand by our corporate and investment bank even though we have recently thoroughly reassessed our set-up," Mr Sewing said in a speech at a conference in Frankfurt. "But our global ambition won't be up for debate under my leadership."

Mr Sewing announced widespread cuts to the bank's investment banking division within weeks of taking over as chief executive in April. The lender will pull back from unprofitable areas and shift the focus to providing services with a link to Europe.

The bank fired 1,700 staff in the second quarter, many in the investment bank's front office. It also cut 80 billion euros (S$127.5 billion) of leverage exposure from its prime finance and US rates business.

BLOOMBERG