Deutsche Bank pledges overhaul to boost earnings, cut risk

Frankfurt

DEUTSCHE Bank will cut 200 billion euros (S$289 billion) in investment bank assets and exit a tenth of the countries in which it operates as part of a restructuring programme designed to boost earnings and cut risk.

After sticking with its costly universal banking model in the aftermath of the financial crisis, Germany's largest bank is under pressure from investors to follow rivals such as UBS and Credit Suisse by culling its unprofitable operations.

Shares in the German lender dropped by more than 3 per cent in early trade on Monday, registering the biggest fall among European banks, as investors doubted whether co-chief executives Anshu Jain and Juergen F…