Deutsche Bank has confirmed it is to make thousands of job cuts and strip out around a quarter of roles in its struggling equities business as it executes a radical restructuring plan outlined by its new chief executive.

The German lender said ahead of its annual general meeting on Thursday that it will cut 7,000 jobs across the organisation — or around 7% of total employees — and aim to reduce headcount within its equities division by 25%. The division has suffered 10 consecutive quarters of declining revenues.