Deutsche Bank announces investment bank cuts after sharp profit drop

FRANKFURT (Reuters) - Deutsche Bank on Thursday announced cuts to its investment bank after posting a 79 percent drop in net profit in the first quarter.

Deutsche Banks said it will scale back its bond and equities trading activities, including cuts to its business with hedge funds. The bulk of the cuts will focus on the United States and Asia.

(Reporting by Tom Sims and Arno Schuetze; Editing by Maria Sheahan)