Germany's biggest bank slashes more than 7,000 jobs

Germany's biggest bank, Deutsche Bank (DB) on Thursday announced its plans to overhaul parts of its investment banking business and bring down costs, by planning to cut down more than 7,000 jobs.

The bank said that the new measures are expected to reduce its number of full-time staff members from just over 97,000 to "well below 90,000", CNN reported.

This move comes as the latest effort by Deutsche Bank to turn around its business, after years of losses.

Earlier last month, it had ousted CEO John Cryan, replacing him with Christian Sewing.

Sewing, after he took over, had announced that job cuts were coming.

Sewing also said that Deutsche Bank's investment banking business would focus on serving its core European client base and reduce its commitment to the United States and Asia. He further announced a review of the global equities business.

"We remain committed to our Corporate and Investment Bank and our international presence -- we are unwavering in that. However, we must concentrate on what we truly do well," CNN quoted Sewing as saying.