Deutsche Bank (DB) - Get Report is readying a revamp and may shut or slash all equity and trading business outside of Europe, according to a report Sunday in the Financial Times newspaper.

The bank, Germany's largest, is said to be planning to "shrink or shut its U.S. equity and trading businesses," according to the report that relied people familiar with the plans.

The firm's push away from investment banking is part of an effort to rebuild the bank's trading operations and would include creating a "bad bank" -- or none-core asset unit -- that would hold billions of dollars in assets, according to the report.

That "bad bank" -- as it's described in the report -- would hold or sell off assets valued as much as $56 billion after adjusting for risk. It would be made up mostly of long-dated derivatives, according to the Financial Times.

An email to Deutsche Bank was not immediately returned on Sunday evening.