NEW YORK (TheStreet) -- Deutsche Bank (DB) - Get Report stock is lower by 7.26% to $28.10 in pre-market trading on Thursday, as the company reveals its new strategic plan after reporting a 2015 third quarter loss.
Earlier today, the global investment bank announced its 'Strategy 2020' plan to boost efficiency, decrease risk, be better capitalized and improve discipline and purpose, the Wall Street Journal reports.
As part of the plan, Deutsche Bank will cut 35,000 jobs during the next two years, or roughly 30% of its workforce, the Journal notes.
The bank will close onshore operations in 10 countries, and reduce its clients in its global markets and corporate and investment bank by roughly 50%.
Deutsche Bank reported a third quarter loss of 6 billion euros, or $6.54 billion. Revenue was down by 7% year over year, to 7.3 billion euros.
Separately, TheStreet Ratings team rates DEUTSCHE BANK AG as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate DEUTSCHE BANK AG (DB) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and weak operating cash flow.
You can view the full analysis from the report here: DB