Deutsche Bank, Germany's biggest lender, announced Thursday it would cut 9,000 jobs and pull out of 10 countries in a new 3.8-billion-euro cost-cutting drive after it ran up record losses in the third quarter.

Deutsche Bank's new co-chief executive John Cryan told a news conference that the group planned to close onshore operations in 10 countries and reduce its work force by approximately 9,000 net full-time equivalent positions. The measures "are anticipated to produce gross cost savings of approximately 3.8 billion euros ($4.6 billion)", Cryan said.