German lender Deutsche Bank expects revenues from its wealth management business to grow despite plans to slash over 7,000 jobs in order to bolster its balance sheet. The move reduces the bank’s workforce to “well below 90,000” from more than 97,000.

Deutsche Bank’s CEO Christian Sewing, said: “In Germany, Europe and Asia, in the Middle East and America, we’re confident of revenue growth [in wealth management]. Today we have more than €200bn AuM and revenues in 2017 were around two billion euros.”

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Sewing added: “The market is growing as wealth increases and we have the excellence to participate in that. In many countries, we’ll hire new advisers in a focused manner – while cutting back in other areas, for example through the integration of our private bank in Cologne, Sal. Oppenheim.”

This is welcome news, as the the bank will lay off around a quarter of the employees in  the equities sales and trading business.

The bank also aims to decrease its leverage exposure in the corporate and investment bank by over €100bn, with majority of the reduction expected to be completed by the end of 2018. In the prime finance segment, Deutsche Bank aims to lower leverage exposure by a quarter.

At the same time, the bank also announced plans to hold adjusted costs to €23bn this year and lower adjusted costs to €22bn next year.

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The restructuring will cost the bank €800m this year, the German bank said.

Deutsche Bank chairman of the management board Christian Sewing said: “We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that. We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”