Deutsche Bank's investors are fed up.



Despite many big U.S. banks posting record profits, the share price of Frankfurt's flagship lender is tumbling and revenues are declining.



Germany's biggest bank which, not long ago, wanted to be among the five biggest investment banks in the world, needs some stronger medication to turn around its fortunes, according to some investors.



The bank announced Thursday morning it plans to significantly reduce global staff levels to less than 90,000, from a current level of around 97,000. It said it would cut headcount in its equities sales and trading business by 25 percent. The move comes amid a broad restructuring effort designed to reduce costs and restore profitability. Meanwhile, Deutsche Bank's Chairman Paul Achleitner, who has presided over countless strategy changes and has picked as many as four chief execs in his six years at the helm, faces a vote of no confidence at an AGM (annual general meeting) Thursday.

'Very difficult day'

More and more influential investors like U.K.-based Hermes are joining the chorus of criticism over the latest management changes and countless strategy upheavals. He'll most likely not be voted out as the big shareholders, like Qatar's royal family, China's HNA and private-equity firm Cerberus Capital are still supporting him. But the big question is how big will the protest vote be. Former co-CEO Anshu Jain got a protest vote of 39 percent at the bank's AGM in 2015 and left the company only some weeks later. "In theory, the shareholders could replace him today, it will not happen, but it will be a very difficult day for him," Stefan Mueller, CEO of Frankfurt-based consultancy DGWA, told CNBC Thursday. When asked whether he expected Achleitner to serve for his full-term over the next five years, Mueller replied: "No, I think he will step down this year or they will ask him to step down this year."

Deutsche Bank announced more details on its latest strategy change on Thursday. Achleitner spoke in front of shareholders, saying that U.S. banker John Thain had agreed to head up a new strategy committee on the bank's supervisory board. Christian Sewing, the bank's new CEO, plans to concentrate more on Europe and boost the retail side of the bank while hoping to slash costs at the company in a credible way. "The bank is miserable at cost management and implementation," a source close to Deutsche Bank's management told CNBC, who wished to remain anonymous due to the sensitivity of the situation.



"Strategies always sounded good but there was no clear commitment to also enact changes," the source added.

Make or break time