Germany's largest bank Deutsche Bank posted a sharp decline, noting that its net income in the first quarter fell by 120 million euros ($146 million), a 79 percent decline compared to last year.

The reported profits fell short of Deutsche Bank's expectation of 376 million euros for the first quarter. The bank had a net profit of 575 million euros ($700 million) in last year's first quarter.

Meanwhile, revenues fell in the first quarter of 2018 by 5 percent to 7 billion euros ($8.5 billion) year on year. This was mainly caused by currency rate fluctuations, euro's strength against the U.S. dollar and low revenues from corporate and investment banking.

Christian Sewing, the new CEO of Deutsche Bank expressed that he believes they are on the right track regarding private and commercial banking but they need to boost their profits substantially. Sewing also said that while they were in a good position regarding corporate and investment banking, but they were not strong enough in other areas and needed to readjust their strategy and act in a decisive manner.

In the meantime, the bank released a statement saying that there will be restructuring in their corporate and investment banking divisions, which will see the bank focus more on Europe while reducing bond and stock sales in the U.S. and Asia.

The bank also stated that additional cost cutting measures will be implemented, including job cuts, but no specifications were given.