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Deutsche Bank reduces investment banking in Europe

Deutsche Bank AG plans to reduce its investment bank to save costs, and focuses on European customers who are decoupling from decades of efforts against Wall Street competitors.

Germany's largest lender will reduce US sales and sales "Reduce corporate finance in the US and Asia and review the global equity business for a reduction," the bank said Thursday. The measures will lead to a "significant reduction" in the workforce this year, said Deutsche Bank.

The decision abolishes a re-examination of the investment bank, whose future was a key factor in the turbulent restructuring of Christian Sewing's management this month taking the position of chief executive officer. As a veteran of Deutsche Bank, who began as an apprentice, Sewing hastened to realign the lender on its European home market and is trying to hold its own against the big Wall Street companies that dominate volatile securities trading.

In retail banking, the company plans to focus on growth markets such as Italy and Spain, while the bank will grow in wealth management in Germany and in international markets, according to Deutsche Bank.

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