Deutsche Bank (DB) - Get Report shares extended declines Tuesday, taking its two-day slump past 10%, as analysts and investors appear to show little faith in the struggling lender's $8.3 billion restructuring plans. 

Both Fitch Ratings, which cut the lender's credit rating to  the lowest investment grade score last month said its next move will depend on the plan's progress, even as it cited high execution risks. Moody's Investors Service said it sees "significant challenges" in the plans that aim to return the bank to profit next year and double its return on equity targets by 2022.

"While shareholders should be relieved that the plan will be funded through existing resources, this comes at the expense of dividends, which will be suspended over the next two years," said CFRA analyst Firdaus Ibrahim, who is keeping his price target for the bank's U.S.-listed shares unchanged at $7 each until the lender details its second quarter earnings on July 24.

"We are skeptical of Deutsche Bank's ability to execute this plan effectively, given its history of not meeting past targets as well as a more challenging and competitive operating environment," he added. 

Deutsche Bank shares were marked 5.66% lower on the session at €6.41 each, after falling 5.4% Monday in their biggest single-session decline since February, in a move that leaves the stock with a one-year decline of around 35% and a market value of less than €13.3 billion.

Deutsche Bank wasted no time in kicking-off the first phase of its plans, which include a near 20% reduction in its 92,000-strong global workforce, with employees sent home from offices in Sydney, London and New York throughout the Monday business day.

Deutsche Bank said Sunday it expects to cut around 18,000 jobs and create a so-called "bad bank" for around €74 billion in under-performing assets as part of the restructuring. The overhaul, which will cost the bank €3 billion in second quarter charges, will also mean lead to a €2.8 billion loss over the three months ending in June, a suspension of the bank's regular dividend and a 40% reduction in the overall asset base of the business units targeted for change.

CEO Christian Sewing called the moves "the most fundamental transformation of Deutsche Bank in decades" and said it was a "restart" that would "benefit of our clients, employees, investors and society."

"In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world, Sewing said in a statement published on the bank's website. "We remain committed to our global network and will help companies to grow and provide private and institutional clients with the best solutions and advice for their respective needs - in Germany, Europe and around the globe. We are determined to generate long-term, sustainable returns for shareholders and restore the reputation of Deutsche Bank."

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