Business Insider reports that Germany's biggest bank, Deutsche Bank, has begun a harsh program of cuts.
The cuts will see around 20% of all staff laid off.
Outside its London headquarters on Monday the atmosphere was tense, with staff under instructions not to talk to media.
The transformation is set to include the cutting of 18,000 jobs, and cost $8.3 billion.
Shares rose as much as 4% on the news.
