According to Reuters, Deutsche Bank’s supervisory board will meet on July 7 to discuss a major restructuring that may result in as many as 20,000 job cuts. CEO Christian Sewing flagged an extensive overhaul last month when he promised shareholders “tough cutbacks” to the investment bank to turn the lender around after it failed to agree a merger with rival Commerzbank. In addition to the job cuts, Germany’s flagship lender is also considering trimming its management board.