Deutsche Bank is reportedly mulling the plan to cut thousands jobs and retreat from key markets across the world as it is struggling in a cost-cutting measure by the new CEO Christian Sewing. With almost 10,000 jobs at the risk of getting cut, this could represent about 10 percent of the bank’s total workforce. Under the previous CEO, John Cryan, the bank said that it targeted to axe 9,000 positions by 2020. However, Germany’s financial giant may have made less than a third of those cuts so far.

In order to better compete head-to-head with the large Wall Street firms dominating the trading market, Sewing is working on accelerating a push to refocus the lender company on its European home market. The worries over the future of the investment has been a key factor that lead to management protest when he was taking over from Cryan last month.

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The lender was expected to announce a set of restructuring measures to coincide with its annual shareholder meeting on Thursday (May 24). According to a person familiar with the matter, the bank has been working on sharply reducing its presence in the US equities market while cutting activity in the Central Europe, Middle East and Africa region.

This move was taken as Sewing promised to carry out a large-scale restructuring within the investment bank in order to focus more on areas that have more direct link with European companies. Deutsche Bank has also signaled that its scaling back US rates sales and trading, its corporate finance business in the US and Asia, as well as reviewing global equities. The bank said last month that those measures will eventually lead to a “significant reduction” in the employee numbers, Bloomberg reports.

The pace of job cuts is reportedly increasing in the last few weeks, with the investment bank bearing the brunt. Deutsche Bank has said it will move to smaller premises in New York and will close its Houston office entirely due to a withdrawal from advisory services for the oil and gas sector.

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