In February, Deutsche Bank terminated 250 to 500 investment banking jobs worldwide. [Financialish.com] Then, in April, the bank was reported to be planning 'significant' job cuts (i.e., around 10% of U.S. personnel) following a sharp drop in profits [Financialish.com]. Today, the rumor mill announced that, as part of a sweeping restructuring in the U.S., Deutsche Bank is considering axing about 20% of its U.S. employees - whose numbers ranged around 10,000 at year's end. 

While a Deutsche Bank spokesperson denied the media report, there's no denying that change is in the air at Deutsche Bank:

• New CEO Christian Sewing signaled that the bank may retreat its operations to Europe, while considering cuts to such businesses as prime brokerage, rates and repo.
• The bank is already planning to close an office in Houston, while shrinking its presence in New York, where it's moving to smaller offices in mid-town Manhattan.
• Barry Bausano, the CEO of Deutsche Bank Securities and DB's point man for hedge funds, is leaving. [Bloomberg]