UPDATE 2-Deutsche Bank may announce investment bank revamp on Thursday - source

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* Announcement could come with Q1 earnings - source

* Cuts could hit cash equities, prime brokerage - report

* Revamp comes amid global review of investment bank (Updates with source)

FRANKFURT, April 24 (Reuters) - Deutsche Bank AG may spell out strategy changes for its investment bank on Thursday along with first-quarter earnings, a person with knowledge of the matter said on Tuesday.

The person spoke on condition of anonymity ahead of any possible announcement.

Deutsche has been conducting a global review of its investment bank to determine the way forward as revenues shrink. Initial results of the review, known internally as Project Colombo, are expected soon.

The bank is considering cuts to equities trading, known as cash equities, and prime brokerage, which serves hedge funds, daily Handelsblatt reported on Tuesday. Cuts to U.S. municipal bonds trading and parts of its Asia business are also being considered.

A spokesman for Deutsche Bank declined to comment.

Earlier this month, the bank got a new chief executive, Christian Sewing, who faces the same strategic problem that has long preoccupied its top management - whether or not to override the rainmakers and big earners at the investment bank to shrink that business.

The appointment of Sewing - who has a background in retail banking, auditing and risk - along with the recent resignation of one of Deutsche's top investment bankers, Marcus Schenck, suggests a shift away from the investment bank, analysts and investors have said. (Reporting by Tom Sims; Editing by Himani Sarkar, Kathrin Jones and Jane Merriman)