Hmmm…..what's going on?

Cash flow problems?

CEO ouster in April?

Deutsche Bank To Fire 10,000 Employees: 1 In Every 10

Well that escalated fast: one month after Bloomberg reported that Deutsche Bank would cut 1,000 jobs in the US, roughly 10% of its total US labor force, as part of new CEO Christian Sewing's restructuring process, the WSJ this morning writes that executives at the biggest German lender have "zeroed in" on plans to eliminate close to 10,000 jobs, about one in 10 employees, as part of the bank's epic cost-cutting scramble.

Separately, Bloomberg report that the bank is about to "retreat from a swathe of equities markets across the world, including some on its own doorstep in Europe."

Germany’s biggest lender, which is expected to announce a range of restructuring measures to coincide with its annual shareholder meeting Thursday, will sharply reduce its presence in the U.S. market, and has also started cutting activity in the Central Europe, Middle East and Africa region, the people said, asking not to be identified discussing private information.

In case it wasn't clear, it has been a messy year for Deutsche Bank. The April 8 ouster of CEO John Cryan in the middle of his management contract shook employees and appeared botched to some clients and investors.

Things could get messier on Thursday, when Deutsche Bank’s chairman, Paul Achleitner, will face a vote of no-confidence, which could thrust Germany’s biggest bank into outright crisis after years of underperformance and strategic flip-flops.

https://www.zerohedge.com/news/2018-05-23/deutsche-bank-fire-10000-employees-1-every-10