Deutsche bank reported to mull partial US retreat to cut costs

Deutsche Bank AG, Germany’s biggest bank, is considering options such as scaling back US operations as part of a wider overhaul to lower costs, according to several media reports. A US pullback was already discussed by the supervisory board and would be more likely than a sale of the asset-management business, Sueddeutsche Zeitung reported, citing an undisclosed person familiar with the matter. No decision has been taken, according to the German newspaper. Deutsche Bank doesn’t plan a full US retreat, reported Reuters. Renee Calabro, a spokeswoman for Deutsche Bank in New York, declined to comment. Chief Executive Officer John Cryan is under pressure to lower cost further as mounting legal expenses threaten to undermine profitability. While a sell-off in the shares accelerated last month, when the US Justice Department requested $14 billion to settle a probe tied to residential mortgage-backed securities, Cryan has said he doesn’t plan to raise capital and expects US authorities to scale back their initial demand. Deutsche Bank had 10,842 employees in North America at the end of 2015, about 10 percent of the 101,104 it employs worldwide.

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