Up to 20,000 jobs could be axed at Deutsche Bank as the company is set to announce plans for a global restructuring.
The majority of cuts are expected in the City of London and Wall Street.The German banking giant has been beset with long-term problems, including the profitability of some operations and a falling share price.
It tried several options to reorganise its business, including failed merger talks with rival Commerzbank in April.
Reports suggest the company's board will approve a restructuring plan on Sunday, resulting in the loss of up to a fifth of the company's global workforce.
Focus on profit
Experts expect CEO Christian Sewing, who took on the top job just over a year ago, to announce bold changes in a signal to the markets that he has a turnaround plan.
Mr Sewing told shareholders at the annual general meeting in May that he would "accelerate transformation" by focusing the bank on "profitable and growing" businesses."I can assure you: we're prepared to make tough cutbacks," he said.
London is the home of its largest investment operations, with a total of nearly 8,000 staff based in the UK.
On Friday, it was announced that Garth Ritchie, the head of investment banking, is leaving.