But it's not all bad! There is both bad news and good-ish news! The bad, depending on your perspective (e.g. you're one of the people the Germans let you keep their job): about a third of Team Deutsche will be asked to leave and not come back. The good news: just as the door is slamming shut for many, it will open for a few:

Deutsche Bank AG on Thursday announced plans to eliminate 35,000 jobs from its payroll over the next two years, as part of a sweeping overhaul under new co-Chief Executive John Cryan...The overall head-count reduction includes 9,000 full-time jobs and 6,000 external contractors, plus 20,000 additional jobs that would leave Deutsche Bank through its disposal of assets, primarily the Postbank retail bank. The bank’s current full-time head count is around 100,000, not including contractors. Executives said they also plan to hire in areas where they’re investing, including parts of the investment bank and asset-management business.

Deutsche Bank to Shrink Workforce by 35,000 in Broad Revamp [WSJ]

Related: Deutsche Bank Bonus/Layoffs Watch ’15: The Bonus Is You Get To Keep Your Job