Deutsche Bank will cut a quarter of its workforce, 23,000 staff, in a cost-cutting reorganisation.
The plan, from new chief executive John Cryan, will see the cuts focused on technology jobs, as well as additional job losses as it spins off its PostBank division, sources told Reuters.
The new changes come as Cryan took over from former co-chief executives Anshu Jain and Juergen Fitschen, who quit earlier this year. Cryan joined in July, taking on an existing restructuring plan laid out by Jain and Fitschen.
“This is the first time ever that you had the feeling that somebody is talking straight. But the problem is he has to deliver soon,” a source tells Reuters.
Around 15,000 of the job cuts will be at the Postbank division, once it has been spun out, while the remaining 8,000 are likely to be in the back office and technology business, based in London, New York and Frankfurt.
Full details of the changes are expected to be announced next month.
A spokesman for the bank did not comment.