Deutsche Bank AG plans to lay off employees at its loss-making U.S. equities business in a bid to win over shareholders left dissatisfied with the German lender's performance, Reuters reported, citing four sources familiar with the matter.
Deutsche is looking to cut jobs at the business' prime brokerage and equity derivatives divisions, and has earmarked other areas, including U.S. trading, for further cuts, according to the May 24 report.
The news comes after CEO Christian Sewing signaled to shareholders that management is prepared to make "tough cutbacks," especially at the investment banking unit.
The bank, which has 9,725 employees in the U.S., has not made a final decision, the sources told the news agency. Other sources said Deutsche will not make any job cut announcements soon.
Deutsche Bank told staff in April that it was "firmly committed" to its U.S. operations, following reports that it is planning a further restructuring of the franchise, Reuters reported.