Deutsche Bank mulls pull back on U.S. operations as part of settlement

According to various media reports, Germany’s Deutsche Bank is considering scaling back its US operations as it tries to overhaul costs for its litigation with US authorities. The lender is mulling the option as part of its broader strategy review, and the topic has come up in talks with American authorities.

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. There was no comment from Deutsche Bank in response to the weekend reports.

As of the end of 2015 the bank had 10,842 employees in North America, about 10 percent of its global workforce. In a message to divisional chief operating officers last week, Deutsche Bank said hiring would be put on hold with immediate effect. Chief Financial Officer Marcus Schenck reportedly told staff representatives last month that the lender may need to cut an additional 10,000 jobs to lower costs.