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Deutsche Bank ready for more cuts as share price sags

CEO of Deutsche Bank Christian Sewing speaks during the annual shareholders meeting in Frankfurt, Germany, Thursday, May 23, 2019. (AP Photo/Michael Probst)

FRANKFURT — The CEO of Deutsche Bank says he is ready to make “tough cuts” as he aims to strengthen the struggling bank’s profitability and raise a “disappointing” share price.

Christian Sewing made the statement Thursday in front of restive shareholders at the bank’s annual meeting in Frankfurt, Germany.

Sewing touted the bank’s full-year profit from 2018 — the first since 2014 — and achievement of its cost-cutting goals. The bank has cut staff to 91,700 employees, from 99,700 in 2016.

The meeting takes place against the background of recent negative news for the bank. Share traded at record lows Thursday, Congressional committees have subpoenaed records of U.S. President Donald Trump, and on Wednesday the bank admitted problems with anti-money laundering software. Shares dropped 3.4% to 6.39 euros on Thursday.

The Associated Press