Frankfurt-based Deutsche is the fourth largest bank in Europe.
As many as half the Asia equities staff will leave initially and the remainder later this year, the person said, adding that the final decision depends on the bank's supervisory board meeting on Sunday.
Deutsche Bank (DB) is looking to cut 20% of its workforce as the company seeks to restructure amid troubles over the past decade.
Deutsche Bank management intends to fund its transformation from its existing resources without requiring additional capital.
The bank will set up a new so-called "bad bank" to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.
Some employees at the bank's offices in Hong Kong have already started packing their belongings, the person said.
Chief Executive Officer Christian Sewing will shelve the dividend this year and next and take restructuring charges of 7.4 billion euros through 2022 to pay for an overhaul that shrinks the German lender's once-mighty investment bank along with its global footprint and key fixed-income business. The resignation last week of the head of the investment bank, Garth Ritchie, signaled that major changes were coming.
A big part of the bank's anticipated United States cuts will come from its money-losing equities business, which includes cash equities trading. After government-brokered merger talks with Commerzbank AG collapsed in April, the CEO had few alternatives to bolster market confidence.
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Deutsche bank gave no geographic breakdown for the job cuts.
As one Barclays insider suggested the BBC: "Deutsche is where Barclays used to be 5 to 10 years in the past".
Transaction banking, one of the less glamorous areas of finance, is a growing focus at several of Deutsche's rivals, as it requires less capital and is not as cyclical as investment banking.
Big cuts to its investment bank could make it harder for the bank to fulfill this role and would mark a reversal of a decades-long expansion that began with its purchase of Morgan Grenfell in London in 1989 and continued a decade later by a takeover of Bankers Trust in the United States.
Shares in the bank are down nearly 25% in the past year and hit a record low in June.
A broader challenge for Deutsche is technology, with the lender trying to update legacy IT systems that are blamed in part for the bank's failure to control costs while also keeping up with the wave of fintech innovation in the industry. That would mark a fourth consecutive year of decline, down more than 30 percent from 2015.
On top of the rank-and-file cuts, Deutsche is also rebuilding its board, sending away compliance chief Sylvie Matherat and two other executives.
He also created a corporate bank to streamline services offered throughout the bank, something Sewing called a "core strength".