Deutsche Bank AG is undertaking a review of its investment bank, dubbed "Project Colombo," which could lead to more cuts across its trading business, Bloomberg News reported, citing "people familiar with the matter."

While the review focuses on the global trading business, the lender's U.S. operations under scrutiny too, the sources said, requesting anonymity due to the confidential nature of the discussions.

The review examines areas where the bank is trailing its competitors, to decide whether to try regain market share or prepare an exit from those areas, Bloomberg reported.

Senior executives plan to conclude the review "within weeks" before they take a decision on where to cut and where to invest, two of the people said.

Both, the equities as well as fixed income, currencies and commodities businesses are being considered for cuts as part of the review since they have not performed well, one person said, adding that the scale of potential cutbacks was unclear since several traders were recently given big bonuses to ensure retention of top performers.

Deutsche Bank's revenues have been a cause for concern among shareholders, giving rise to reports that Chairman Paul Achleitner was interviewing potential candidates to replace CEO John Cryan.