CEO Christian Sewing delivers a speech during the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Deutsche Bank’s chief executive on Thursday said that he was ready to make “tough cutbacks” to the lender’s investment bank.

“We will accelerate transformation by rigorously focusing our bank on profitable and growing businesses which are particularly relevant to our clients,” Chief Executive Officer Christian Sewing told shareholders.

“So I can assure you: we’re prepared to make tough cutbacks,” he said at the bank’s annual general meeting.