Deutsche Bank announces massive job cuts as pressure mounts on the firm’s executives

Sewing has to right now show that will he is usually different for his predecessors. “the idea’s a make or break time for the bank.” one senior manager at the bank, who also wanted to remain anonymous due to the sensitivity of the situation, told CNBC.

Right after his nomination as well as a presentation of the completely new company strategy, investors were disappointed about a lack of details. How many jobs will go, where will they go as well as how much will the idea cost? These are the main questions investors want to know when the idea comes to cost-cutting at the bank.

On Thursday morning, following the announcement of job cuts, Sewing said the bank remained “committed” to its corporate as well as investment bank, as well as its international presence. “We are unwavering in that will,” he added.

Another perhaps even more important question is usually the one about its dwindling revenues.

The scenario of a break-up or a merger with another bank, which for many years always sounded as a Great yet unrealistic idea, seems to be gaining more traction. Still the idea’s only an idea, yet the likes of Cerberus who includes a stake in Deutsche as well as in Commerzbank, seem to be putting their money on the idea.

Deutsche Bank’s shares have tumbled 32 percent so far that will year. that will compares to a drop of nearly 5 percent for the wider Euro Stoxx 0 banking index. On Thursday, shares were flat at the European open as the bank’s AGM began.

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