Deutsche Bank may give pink slips to around 20,000 employees: Report

Deutsche Bank CEO Christian Sewing is mulling job cuts by more than a fifth of the total headcount in the largest restructuring effort in years. This could put up to 20,000 jobs on the line, according to a Bloomberg report.

The bank is likely to announce the details by July 08 but a final decision is yet to be taken.

Moneycontrol could not independently verify the report.

The agency quoted a company statement which said: "Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability. We will update all stakeholders if and when required."

Sewing promised 'tough measures' to restore the bank’s profitability, after the merger talks with Commerzbank AG in April failed. Staff strength has already reduced over by almost 4,000 since Sewing took charge.

The bank’s investment banking division – especially in the US, and trading equities and interest rate derivative divisions, are expected to take the brunt of the revamp.

The measures may see top positions vacated, among whom are investment banking head Garth Ritchie, Chief Regulatory Officer Sylvie Matherat and Chief Financial Officer James von Moltke, the report said.