REUTERS/Luke MacGregor Deutsche Bank set for major business overhaul including significant job losses. The German lender plans to scale back US operations in both rates sales and trading, while corporate finance operations in both the USA and Asia will shrink. Changes come as the bank reports a 79% drop in net profit in the first quarter. "Even a quick look at the figures makes one thing clear: we have to take action – fast," CEO Christian Sewing told staff. LONDON — Deutsche Bank announced a major change of direction with large numbers of job losses expected as a result of the overhaul. The plans, unveiled alongside the German lender's first quarter results, will see Deutsche pull back from its Wall Street ambitions, and focus instead on servicing its European client base.See the rest of the story at Business InsiderNOW WATCH: A Wall Street chief economist explains what could be the saving grace for mega-cap tech companiesSee Also:The hourly wage needed to rent a two-bedroom home in every stateA single high school in India has produced the CEOs of Microsoft, Adobe, and Mastercard25 of the most dangerous things science has strongly linked to cancerSEE ALSO: The CFA is the most brutal exam in the world of finance — here's what the questions look like

 

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