Deutsche Asset & Wealth Management, which the bank said had “gained considerable traction” following the launch of its restructuring phase back in 2012, is aiming to boost its balance sheet by five to ten per cent per year until 2020.

Deutsche AWM is also targeting 15 per cent more relationship managers in key markets over the next five years. As part of the refocus, it will add product specialists and develop innovative products in growing asset classes.

The bank expects to sell its Postbank retail division via re-IPO by the end of 2016. Meanwhile, its Corporate Banking & Securities business plans to slash gross leverage by around €200 billion ($218 billion) by 2020.

On Sunday, Deutsche said its first-quarter net profit had halved to €559 million, compared to the previous year, following heavy litigation costs. Last week, the bank agreed to pay a staggering $2.5 billion fine to UK and US regulators over inter-bank rate misconduct.

“Today marks the next milestone in the journey we began in 2012. Deutsche Bank’s course is clear. We reaffirm our commitment to being a leading global bank based in Germany,” said Deutsche Bank's co-chief executive officers, Jürgen Fitschen and Anshu Jain.

“Our strategy review process was thorough and rigorous. We consulted key stakeholders and carefully evaluated different models. As a result of our strategy review, we are convinced that pursuing a focused client-centric business model is the right choice for us.”

Deutsche Bank also plans to push up its leverage ratio from 3.4 per cent to at least 5 per cent, while keeping its equity ratio stable at around 11 per cent.