Deutsche Bank AG CEO Christian Sewing reaffirmed the bank's global ambitions despite its recent moves to slash jobs and pull out some of its operations in the U.S. and other countries in a bid to boost profitability, Reuters reported.
After taking over the bank in April, Sewing said he planned to cut the bank's global equities and U.S. bond trading businesses as well as a business that serves hedge funds, the newswire said. The bank also cut jobs in its Asian investment banking business and is seeking to remove more in its retail unit.
During a banking conference in Frankfurt, Sewing said the restructuring was not a sign of retrenchment and that the bank's "global ambitions will not be up for debate under my leadership." He said the bank did not aim to become one of the world's top three banks, but that it hoped to keep its top positions in certain business, including payment transactions, euro and dollar clearing and foreign exchange trading, the report said.
The CEO also called for a more unified regulation and single financial market in Europe, noting that the current environment serves as a roadblock for cross-border mergers in the continent, according to the Financial Times. "The pressure to consolidate will rise significantly," Sewing said, as the industry faces tougher regulatory requirements and an increasing need to invest in IT.
"Europe does not need as many banks as possible, Europe first and foremost needs strong banks," Sewing said.
His comments come amid speculation of a merger between Deutsche Bank and Commerzbank AG.