Deutsche Bank's Global Markets division is cutting ties with thousands of clients, according to a memo seen on Friday by the Wall Street Journal.

The firm will reduce financial services it offers to over 3,000 clients, including hedge funds, in debt and equities trading.

An internal note to staff said the change is with “immediate effect” and designed to balance “risk, revenue and profitability".

The bank’s global equities business is built on three product lines – equity trading, equity derivatives and global prime finance.

Its debt business covers across FX, rates, credit and emerging markets.

Both units are housed within the Global Markets division.

Last year Deutsche Bank’s chief executive John Cryan said the lender would reduce the number of clients in its Global Markets and Corporate & Investment Banking divisions by about 50%.

He also said that 80% of the investment bank's income came from 30%  of clients

Shares in the German lender have fallen by 37% over the past twelve months.

The bank is currently finalising talks with US justice authorities over a multi-billion dollar fine.