FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) is conducting a global review of its investment bank that could result in cost cuts, a person with direct knowledge of the matter said on Wednesday.
The review, known internally as Project Colombo, will result in recommendations that could identify further job cuts but could also include the exit or strengthening of certain activities, the person said, speaking on condition of anonymity.
The study is focused especially on the bank’s trading activities in the United States, the person said.
The German lender, in the throes of a major restructuring, has been under pressure from investors to trim costs. The bank said earlier this month that it was behind in its cost-cutting objectives.
The review follows news on Tuesday that Deutsche Bank has begun the search for a new chief executive to replace John Cryan, who has come under fire from investors after the bank reported three consecutive years of losses.
Bloomberg first reported the investment bank review earlier on Wednesday.
Reporting by Andreas Framke and Tom Sims; Editing by Maria Sheahan