Deutsche Bank could reportedly see 10,000 job cuts

Kai Pfaffenbach/Reuters

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016.

• Deutsche Bank may eliminate as many as 10,000 jobs as part of a broader cost-cutting initiative, according to the Wall Street Journal.
• Job cuts could extend into 2019, the report said.

Deutsche Bank may eliminate as many as 10,000 jobs as part of a larger cost-cutting initiative at the German lender, according to the Wall Street Journal.

The cuts could hit 1 out of every 10 employees and may extend into 2019, the report said.

Separately, Deutsche Bank is looking at pulling out of several equities markets around the globe, Bloomberg reported on Wednesday.

A representative for Deutsche Bank was not immediately available for comment.

Under new CEO Christian Sewing, Deutsche Bank is looking at various ways to cut costs and pull out of businesses where it isn't profitable. Sewing, who replaced former chief executive John Cryan in April, has said the bank will scale back its ambitions in the US market and focus instead on Europe.

Deutsche Bank has also been shuffling around major executives in the last several weeks. A number of key Deutsche executives have also exited the bank in the last several weeks, including investment banking co-head Marcus Schenck.

Deutsche Bank is expected to announce further details of its strategy ahead at its annual general meeting on Thursday.