On Thursday, Deutsche Bank AG Chief Executive Officer Christian Sewing put his staff on notice, saying he’s looking to cut headcount including managers. HSBC Holdings Plc CEO Georges Elhedery earlier this week said it’s shuttering large parts of its investment bank in Europe and the US.

Even Swiss private banking isn’t immune to the turmoil: UBS Group AG is shedding hundreds of jobs in its home market, while Julius Baer Group Ltd. is set to announce a wave of redundancies over the next two years.

Sewing told reporters that 2025 will be “the year of reckoning,” adding “nothing is off limits.”

Deutsche Bank’s Sewing on Thursday pointed to the potential for a cull of management ranks and even entire business lines in the coming years. This followed a 14% increase in expenses in the fourth quarter from a year earlier, overshadowing a better-than-expected performance in the investment bank, where fixed-income traders notched their best fourth quarter on record.

UBS CEO Sergio Ermotti told Bloomberg this month that he would keep cutting headcount in the wake of the historic acquisition. The Swiss lender seeks to shed another $5.5 billion in costs in addition to the $7.5 billion already achieved since the deal.

Source: FORTUNE