Frankfurt — Deutsche Bank’s CEO is prepared to make “tough cutbacks” in its investment banking business, whose future is in doubt after several failed restructurings, in order to be profitable and competitive. Shares in Deutsche Bank hit a record low on Thursday as Christian Sewing kicked off its annual meeting, where he faces shareholder discontent over its strategy and leadership, with some calling for a scaling back of its sprawling global investment banking business. “We will accelerate transformation by rigorously focusing our bank on profitable and growing businesses which are particularly relevant to our clients. We’re prepared to make tough cutbacks,” he said, without elaborating on where the cuts would occur. Deutsche Bank’s struggling equities division, which is mainly based in New York and London and saw steep cutbacks last year, is a target, and prime brokerage that serves hedge funds is also under scrutiny, a person with knowledge of the matter said. Shares in the bank ...

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