SEATTLE (BLOOMBERG) - Deutsche Bank is shutting down its US swaps-clearing business as part of an overhaul of its investment bank to improve profitability, according to a person briefed on the decision.

The move, effective immediately, is part of the company's broad restructuring aimed at simplifying operations and pulling back from some that are too costly under stiffer capital rules, the person said. Deutsche Bank had slid to 13th place among banks in that clearing business, the Financial Times said in a report on the plan earlier on Wednesday (Feb 8).

Chief executive officer John Cryan is eliminating 9,000 jobs across the bank to raise profitability and capital levels eroded by fines and other legal costs. The move will reduce headcount in the fixed-income division by as much as 6 per cent and in the equities unit by as much as 17 per cent, a person familiar with the matter said last week.

The bank's market share in fourth-quarter trading fell to the lowest since the financial crisis as Cryan cut assets and as clients concerned about the Frankfurt-based company's finances pulled back.