Deutsche Bank says to cut over 7,000 jobs

Frankfurt: German financial giant Deutsche Bank said Thursday it will cut over 7,000 jobs as it looks to convince investors it is serious about returning to profitability.

"The number of full-time equivalent positions is expected to fall from just over 97,000 currently to well below 90,000. The associated personnel reductions are underway," a statement said.

The bank said it would slash leverage exposure in the investment bank by 10 percent of "the 1,050 billion euros of leverage exposure reported at the end of the first quarter of 2018."