Mubasher: Deutsche Bank plans to cut more than 7,000 jobs as part of the lender’s revamp strategy.

Staff number of Germany’s biggest bank will decline to 90,000 instead of 97,000, while the majority of the dismissed staff is in New York and London.  

The decision marks the first major move by its new CEO, Christian Sewing, to trim costs and restore profitability after years of false starts, Reuters reported, citing the bank’s statement.

“We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well,” Sewing said.

The job reductions, that most of them are scheduled to take place this year, will lower the German lender's leverage exposure by 10%, or EUR 100 billion, the news agency added.

“We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,” Sewing added.