Deutsche Bank to cut 7,000 jobs in profitability plan

May 24 (UPI) -- Deutsche Bank will cut 7,000 jobs as part of an effort to reduce costs and return to profit, Germany's largest bank said Thursday.

In a statement, the bank said it expects its full-time positions to fall from over 97,000 to 90,000.

Deutsche Bank gave details on the plans to turn around its business after years of losses, which would include cutting jobs at its equities sales and trading business by about a quarter.

"We remain committed to our Corporate & Investment Bank and our international presence -- we are unwavering in that," Deutsche Bank CEO Christian Sewing said Thursday. "However, we must concentrate on what we truly do well."

In a speech at Deutsche Bank's Annual General Meeting, Sewing said the decision to cut positions wasn't something the company took lightly.

"Job cuts are, however, unavoidable if our bank is to become sustainably profitable," Sewing said. "This is our duty, first and foremost to you, our owners."

The bank plans to cut jobs in a "responsible manner" by looking not only look at permanent staff, but also service providers, consultants and temporary personnel.

"This is how, gradually, Deutsche Bank will once again become the bank you have known for many years. Decisions will be made and then implemented -- quickly" Sewing said.

The announcement comes as Deutsche Bank shares have fallen by nearly a third this year and are at their lowest since a crisis of confidence hit the bank in late 2016.

In April, the bank replaced former CEO John Cryan with Sewing.