Sources have told Reuters that Deutsche Bank AG plans to cut roughly 23,000 jobs or about one-quarter of the total staff.
The layoffs will be mainly in technology operations and from the spin-off of Deutsche Bank's PostBank division.
Reuters adds that the job cuts were under the reorganization that is being finalized by John Cryan, the CEO of Deutsche Bank.
The job cuts would bring the bank's workforce down to about 75,000 full-time positions.
Reuters adds that Deutsche Bank has revealed a broad restructuring plan in April but Anshu Jain and Juergen Fitschen, the bank's co-CEO that time, had resigned.
Cryan took over the bank last July and had promised to cut costs.
Bloomberg adds that Cryan has been pushing forward with the bank's plan of bolstering profitability by reducing expenses and cutting back business after taking over.
He pledged to sell the PostBank division on his first day and tackle the company's "swollen" cost base and "antiquated and inadequate" technology.
Jon Peace, an analyst at Nomura Holdings Inc., told Bloomberg that the new CEO will have to show that he is serious about cutting costs.
"Given nothing has really happened to Deutsche Bank's staff levels on a net basis, Cryan will have to make some deeper cuts to show he is serious about actually cutting expenses," he said. "A decrease in the order of 10 percent of staff after the sale of Postbank would finally add credibility."
Reuters adds that Deutsche Bank is primarily reviewing cuts to the technology and back-office operations.
These operations process transactions and work orders for the bank's staff who deals with the clients.
The source told Reuters that a "significant number" of the roughly 20,000 positions in the area will be reviewed for the possible cuts.
The bank will be concentrating the back-office job of the company's investment banking division in London, Frankfurt and New York.
Reuters adds that the PostBank division has about 15,000 positions, which means about 8,000 positions will be cut at Deutsche Bank.
