- Deutsche Bank may eliminate as many as 10,000 jobs as part of a broader cost-cutting initiative, according to the Wall Street Journal.
- Job cuts could extend into 2019, the report said.
- Shares of the German lender sank to an 18-month low on the heels of the report.
Deutsche Bank may eliminate as many as 10,000 jobs as part of a larger cost-cutting initiative at the German lender, according to the Wall Street Journal.
The cuts could hit 1 out of every 10 employees and may extend into 2019, the report said.
Separately, Deutsche Bank is looking at cutting back in several equities markets around the globe, Bloomberg reported on Wednesday.
Shares of Deutsche Bank sank to an 18-month low on the heels of the report.
A representative for Deutsche Bank declined to comment.
Under new CEO Christian Sewing, Deutsche Bank is looking at various ways to cut costs and pull out of businesses where it isn’t profitable. Sewing, who replaced former chief executive John Cryan in April, has said the bank will scale back its ambitions in the US market and focus instead on Europe.
Deutsche Bank has also been shuffling around major executives in the last several weeks. A number of key Deutsche executives have also exited the bank, including investment banking co-head Marcus Schenck.
Deutsche Bank is expected to announce further details of its strategy ahead at its annual general meeting on Thursday.
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