Deutsche Bank axes at least 7,000 jobs in trading retreat

Deutsche Bank is cutting more than 7,000 jobs to reduce costs and restore profitability while maintaining its international reach as its new chief executive seeks to reassure investors and clients.

Germany's biggest bank said global headcount would fall to well below 90,000 from 97,000, with a 25 percent cut in equities sales and trading jobs, which are mainly in New York and London and where it has been losing ground to  rivals.

Deutsche Bank did not give a specific number, but a person with knowledge of the matter told Reuters on Thursday that it was aiming to axe 10,000 positions. Christian Sewing, who became CEO last month, said the bank was committed to its international presence, fleshing out his plan to scale back its global investment bank and refocus on Europe and its home market.