Frankfurt, July 7 (UNI): Up to 20,000 jobs could be axed at Deutsche Bank as the company is set to announce plans for a global restructuring.
The majority of cuts are expected in the City of London and Wall Street, said a BBC News report on Sunday.
The German banking giant has been beset with long-term problems, including the profitability of some operations and a falling share price.
It tried several options to reorganise its business, including failed merger talks with rival Commerzbank in April.
Reports suggest the company's board will approve a restructuring plan on Sunday, resulting in the loss of up to a fifth of the company's global workforce.
Experts expect CEO Christian Sewing, who took on the top job just over a year ago, to announce bold changes in a signal to the markets that he has a turnaround plan.
Mr Sewing told shareholders at the annual general meeting in May that he would "accelerate transformation" by focusing the bank on "profitable and growing" businesses.
"I can assure you: we're prepared to make tough cutbacks," he said.
London is the home of its largest investment operations, with a total of nearly 8,000 staff based in the UK.
On Friday, it was announced that Garth Ritchie, the head of investment banking, is leaving.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
