(Reuters) – Deutsche Bank (DBKGn.DE) has held talks with Citigroup Inc (C.N), BNP Paribas SA (BNPP.PA) and others that could involve transferring parts of its equities business, including operations that serve hedge funds and other big trading customers, the Wall Street Journal reported on Tuesday.

Sources told Reuters last month that the bank plans to cut the size of its U.S. equities business, leaving only a skeleton operation in place to service corporate and high-net-worth clients.

The ongoing discussions could involve the investment bank’s employees moving to one or more other banks alongside client balances, systems and derivative positions, some held by Deutsche Bank to offset bets taken by its clients, the WSJ reported, citing people familiar with the matter.

No agreements have been reached in the talks involving multiple parties, the report said.

Any deal is being weighed against the costs Deutsche Bank would face to shut businesses, including expenses related to severance and costs to hold on to long-dated derivative positions, according to the newspaper report.

Deutsche Bank, Citigroup and BNP Paribas declined to comment on the report.

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