Deutsche Bank AG's (DBK.XE) chief executive says the German lender is well prepared for an economic downturn with its new strategy.

"Even in a difficult environment, we expect to be able to increase returns for our shareholders while freeing up capital," Christian Sewing said at an industry event in Frankfurt.

Two months ago, the bank said that it would cut around 18,000 jobs by 2022, slash costs by around EUR6 billion compared with 2018 and realign its business areas.

Work is underway to speed up the integration of Postbank and Deutsche Bank, and infrastructure will be streamlined, Mr. Sewing said, adding that Europe's banking industry needs to do more to consolidate.

Write to Matthias Goldschmidt at matthias.goldschmidt@wsj.com

(END) Dow Jones Newswires

September 04, 2019 05:51 ET (09:51 GMT)

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