The chief executive of Deutsche Bank has told investors he is prepared to make “tough cutbacks” to its ailing corporate and investment bank, where thousands of jobs have already gone over the last year.

Speaking at the bank’s annual investor day in Frankfurt on May 23, Christian Sewing vowed to be “uncompromising” on costs as he continues with a strategy to revive the fortunes of Germany's biggest lender by stripping out an additional €1bn in expenses across the group this year.