Deutsche Bank is to cut bonuses, jobs and sell assets to meet tougher capital rules, according to its new chief executives Anshu Jain and Jürgen Fitschen, who have pledged to end a risk-taking culture and build up the bank's core capital cushion.

Although investors were relieved the bank did not tap them for money with a rights issue, and pushed the German bank's shares higher yesterday, Deutsche said it would not pay dividends until its balance sheet was stronger. Germany's largest bank will also hive off €125bn (£100bn) of risky assets into a segregated unit. About 150 managers will also have to wait five years for bonuses to be paid.