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Report: Deutsche Bank executives eye 10,000 job cuts to speed up cost-saving

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Report: Deutsche Bank executives eye 10,000 job cuts to speed up cost-saving

Deutsche Bank AG executives are considering making nearly 10,000 job cuts in a bid to fast-track cost-cutting, The Wall Street Journal reported, citing people familiar with internal bank discussions.

Sources said that prior to the April 26 first-quarter earnings call, executives proposed announcing that 5,000 jobs would be cut, but concerns that investors might not be impressed with the figure led to a decision not to give a specific target.

In late 2017, meanwhile, the bank told business heads to propose their own figures, with a view to bringing down overall head count to under 95,000. Yet the plans submitted by division leaders instead implied an increase to nearly 100,000, with the investment bank looking to add 700 roles.

Before CEO John Cryan was replaced by Christian Sewing, the bank had settled on a 2018-end target of 95,600, the report added. It had 97,535 employees at the end of 2017.

The new plan for 10,000 cuts, representing roughly 10% of head count, would extend into 2019, according to the report.

Deutsche Bank's annual general meeting is scheduled for May 24, the Journal noted.