Mubasher: Deutsche Bank projected the costs of a sweeping overhaul in the pipeline to cost up to EUR 5.6 billion ($6.32 billion), Reuters reported, citing a source familiar with the matter.

Deutsche’s CEO Christian Sewing hinted a major restructuring last May, pledging “tough cutbacks” to the lender, following the breakdown of takeover talks with its rival Commerzbank.

Germany’s biggest bank by assets is planning to axe between 15,000 and 20,000 jobs.

All of the job cut plans will be implemented outside Germany, a source familiar with the plans.

Other measures being eyed comprise reducing the size of the investment bank’s nine-member management board, and establishing the so-called “bad bank” to hold tens of billions of euros of non-core assets.

“Sewing really wants to move the needle,” the source was quoted by Reuters.

A supervisory board meeting is slated for next Sunday, where the overhaul will be discussed, sources told the news agency.