Deutsche Bank is planning to cut more than one in six full-time job positions globally in a major restructuring move. It is estimated that the layoffs will take place across regions and businesses over the course of the next year, according to the Wall Street Journal.
It is reported that the job cuts were proposed to the members of the Deutsche's supervisory board last week.
"Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability," a spokeswoman told Bloomberg. "We will update all stakeholders if and when required."
While the company claims profits, it is believed that the move comes after CEO Christian Sewing announced "tough cutbacks" last month after the attempted merger with rival Commerzbank AG failed in April.
Since Sewing became the CEO last year, he is known to have struggled to restore the bank to achieve healthy profits. As a result, Deutsche Bank has seen a significant 3,900 job cuts in the first quarter and a total of 7,000 job cuts since Sewing took over.
In June, sources had told Reuters that the members of Deutsche's supervisory board claimed cuts were necessary for the banks' US equities and rates trading businesses.
The investment banking company plans to focus on transaction banking and private wealth management as new sources of revenue, according to Financial Times.