Deutsche Bank AG co-Chief Executive Officer John Cryan unveiled the firm's biggest quarterly loss in at least a decade and may eliminate a dividend that's stood since Germany's postwar reconstruction as he tries to overhaul the firm without asking shareholders for more capital.

Europe's biggest investment bank expects a third-quarter loss of 6.2 billion euros ($7 billion) after writing down the value of its two largest divisions and boosting reserves for legal costs. Its American depositary receipts tumbled 6.9 percent after the disclosure late Wednesday in extended trading in New York. Cryan, in a memo to staff, said employees will share some of the burden when the firm sets year- end bonuses.

The charges clear the way for a strategy that Cryan, who became co-CEO in July, is preparing to present later this month as he looks to shore up capital and boost profitability. Spending on regulatory and compliance costs have overwhelmed the firm's efforts to cut costs.