Frankfurt-based Deutsche Bank plans to announce a review, an attempt to change its fate in the coming days one month after its shares reached a record low.
Deutsche Bank’s supervisory board is due to meet on Sunday to discuss restructuring, which could see up to 20,000 job cuts, with New York and London carrying the burden.
Chief Executive Christian Sewing has marked a major resettlement in May, promising shareholders “hard cuts” to the investment bank after Deutsche Bank failed to agree with a concentration with rival Commerzbank (DE: CBKG).
Also, Sewing wants to reduce the size of the board of nine bank members, people say. The bank continues to worry about the staff of these countries, a person with the knowledge of the case said Friday.
Reconstruction is expected to cost the bank up to 5 billion euros.
Deutsche Bank refused to comment on plans for a corporate banking division.
Efforts would seek to reduce overlap and the new division would have a seat on board, the men said, confirming the first news reported by the newspaper Sueddeutsche.
The new corporate bank would include the transaction bank, which was a segment of the investment bank, they said.
The transaction bank provides day-to-day banking services important to corporate finance, such as international payments. Sewing has spoken the unit over the past year as a source of steady income.