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Deutsche Bank is braced for a huge shake-up

The embattled German lender’s board is expected to vote as soon as Sunday on an extensive turnaround plan that could lead to 20,000 layoffs, close entire businesses and cost nearly $6 billion.

What’s on the table, according to Bloomberg:

• The potential closing of some or all of the bank’s unprofitable non-European equities business.

• 15,000 to 20,000 layoffs, Deutsche Bank’s biggest staff cut in decades.

• The departure of senior executives like Garth Ritchie, the head of its investment bank; Sylvie Matherat, its chief regulatory officer; and James von Moltke, its C.F.O.

• The creation of a “bad bank” to hold tens of billions of euros worth of derivatives.

It’s an unwinding of Deutsche Bank’s ambitions to become the “Goldman Sachs of Europe.” Under a generation of leaders, the German bank expanded into investment banking — only to be undercut by the financial crisis and new regulations that required it to hold much more capital.