Germany’s biggest bank, Deutsche Bank, wants to cut back its US operations and ax another 10,000 jobs as it tries to overhaul costs for its litigation with US authorities, according to various media reports. According to sources cited by Germany’s Sueddeutsche Zeitung, Deutsche Bank is considering selling part of its US business, but no decision has been made yet. Reuters reports a total US withdrawal is not being considered.
Deutsche Bank is looking at ways to reduce its costs as it faces a $14 billion fine from the US Department of Justice over its mortgage-backed securities business. The bank wants to significantly reduce the penalty. According to CEO John Cryan, the bank doesn’t want to raise capital, as he expects US authorities to scale back their demand. FULL STORY