[Photo by Rob Vincent]

Scaling back U.S. operations is one option being considered by Deutsche Bank, which is under pressure to lower costs. A U.S. pullback reportedly was already discussed by the supervisory board and would be more likely than a sale of the asset-management business. 

Adding credence to that report is a rumor that Deutsche Bank may be forced to shrink its U.S. activities as part of a deal with the Department of Justice.  However, that was denied by a person briefed on the matter.

Deutsche Bank had 10,842 employees in North America at the end of 2015, about 10% of the 101,104 it employs worldwide. Under Cryan’s restructuring plans announced last year, the lender is seeking to eliminate 9,000 jobs, including 4,000 positions in its home market.  As part of his overhaul, Cryan has cut risky assets, suspended dividends and scrapped bonus awards. The CEO has already said that the lender may fail to be profitable this year and that he may have to deepen cost cuts.