Deutsche Bank AG is considering increasing the number of job reductions to about 10,000 as part of a sweeping overhaul by Chief Executive Officer Christian Sewing, according to a person familiar with the bank’s deliberations.

Sewing, who took the job last month, is accelerating a push to refocus the lender on its European home market and reverse a two-decade effort to compete with the large Wall Street firms that dominate in securities trading. Germany’s biggest lender, which is expected to announce a range of restructuring measures to coincide with its annual shareholder meeting Thursday, will sharply reduce its presence in the U.S. equities market, according to another person with knowledge of the matter.

The cuts, first reported by the Wall Street Journal, could represent about 10 per cent of the Frankfurt-based bank’s workforce.

Under Sewing’s predecessor, John Cryan, the bank had a previous target of 9,000 job cuts.