Deutsche Bank is axing 7,000 jobs globally – and a big chunk of those redundancies are likely to be at its investment banking business in the City of London.

This morning, Deutsche – which is one of the largest employers in the City – said it would be axing one in four investment banking jobs. Most of the bank’s investment bankers are located in New York and London. The bank currently has a global workforce of around 97,000.

Shareholders have long been upset with Deutsche, which has posted big losses over the past three years. The bank appointed a new CEO in April, Christian Sewing, and this appears to be his first attempt to cut costs and bring the group back to profitability.

Speaking ahead of the banking group’s annual shareholder meeting today, Sewing said, “we must concentrate on what we truly do well,” referring to the bank’s strongholds of retail and business banking. “It won’t do us any harm to be a bit more boring.”

Investment banking was relatively recent dalliance for Deutsche Bank; it had hoped to expand rapidly and compete with American investment banking giants like Goldman Sachs and JP Morgan Chase – a dream that now seems to be dead.

At the shareholder meeting, Sewing said that the job cuts are already “fully underway,” and that six hundred investment bankers have left Deutsche in the last seven weeks.

Deutsche’s shares dropped 0.7% to €10.80 this morning following the announcement, suggesting investors aren’t fully on board with Sewing’s plans. With so many of Deutsche’s investment bankers located in London, compounded with continued Brexit uncertainty, the job cuts are likely to affect the UK economy.

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