This is what Christian Sewing’s Deutsche Bank’s CEO told shareholders at the bank’s annual general meeting.

On Thursday, Deutsche Bank’s chief executive Christian Sewing informed shareholders that he was ready to make “tough cutbacks” on its investment banking business.

“We will accelerate transformation by rigorously focusing our bank on profitable and growing businesses which are particularly relevant to our clients,” said Sewing at Deutsche Bank’s AGM.

“So I can assure you: we’re prepared to make tough cutbacks”.

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Tags: Christian Sewing, Deutsche Bank, investment banking business, investment banking division, profitability, shareholders, tough cutbacks