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.
Deutsche Bank is in the middle of a major restructuring as it tries to shrink its investment bank that has struggled to generate sustainable profits since the 2008 financial crisis.
The German lender has already said investment bank chief Garth Ritchie is leaving, and the departure of two fellow board members - retail head Frank Strauss and Chief Regulatory Officer Sylvie Matherat - could be announced as early as Sunday, people familiar said.
In June, sources had told Reuters that the members of Deutsche's supervisory board claimed cuts were necessary for the banks' United States equities and rates trading businesses. The investment bank division will be represented by Sewing himself instead of having a seat on the Board's table.
Once the flagship division of the group, the 37,000-strong unit has been undermined by scandal for years. "We will update all stakeholders if and when required", a spokesman said by e-mail.
In April, German banking giant Deutsche Bank held merger talks with domestic rival Commerzbank but the deal fell through in the end.
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The decision to slash Deutsche Bank's US presence caps a long period - since the purchase of Wall Street mainstay Bankers Trust - in which it sought to compete toe-to-toe with USA banks such as Goldman Sachs Inc. and JPMorgan.
It is also planning to set up a "bad bank" to hold tens of billions of euros of non-core assets.
Deutsche Bank has failed three of the Federal Reserve's stress tests in five years, and although it passed the central bank's latest one, it continues to face restrictions from United States regulators due to its compliance failures.
Deutsche Bank shares were up as much as 3.5% in Frankfurt trading amid a broader stock rally in Europe.
Deutsche Bank's USA wealth management unit has also recently attracted regulatory scrutiny, however.
At present a single corporate customer may have accounts with Deutsche Bank's private and commercial bank, the transaction bank and the investment bank.
The corporate bank would include the transaction bank, which has been a segment of the investment bank, they said. He came close to leaving Germany's biggest lender previous year after disagreements with the bank boss over job cuts, which was described as "tough cutbacks", and Christian was concerned that Sewing's plans could backfire.