Major shipping investor Deutsche Bank is reportedly considering cutting a sixth of its global workforce.
According to several media reports, the troubled bank may lay off between 15,000 and 20,000 of its more than 90,000 employees in an effort to shrink its investment banking operations.
The bank declined to comment to TradeWinds and would not say if it would effect its shipping operations.
So far this year, several banks have backed off shipping coverage, including high-profile players like JP Morgan and Morgan Stanley with fear spreading among analysts that they could be next.
Deutsche Bank maintains a four-person shipping team, led by Amit Mehrotra, which also covers other logistics-related industries.
Mehrotra was not available for comment Friday afternoon.
Analysts have looked toward LNG, as well as trucking and rail, as a means by which to grow their coverage and stay relevant.
Deutsche Bank has told investors have reportedly been told to expect an overhaul plan by the time the Deutsche Bank reports second quarter earnings 24 July.
The bank has been dogged for years by investigations into alleged money laundering at the bank, on top of faltering profits and cratering share price.
A potential merger with fellow German outfit Commerzbank was called off in May, with Deutsche Bank citing risk-benefit concerns. Earlier this month, it cut a deal to offload $1bn in shipping loans to Oak Hill Advisors and Varde.
The bank is reportedly once again in the sights of the US Department of Justice over money laundering, this time in relation to accounts connected to President Donald Trump's son-in-law Jared Kushner.
