Deutsche Bank eyes further job cuts in London to reduce costs
DEUTSCHE Bank could be about to cut 1,000 more jobs in London as it further scales back on it’s investment bank.
Traders, back-office staff and fixed income specialists at the bank could be given redundancy notices in the new year, the Sunday Times reported.
New co-chief executive John Cryan revealed last month Deutsche's investment bank was to be split into two parts, one focused on trading and the other on corporate finance and transaction banking.
A strategic overhaul at the bank is expected to axe 35,000 jobs over the next two years, shutter operations in 10 countries and reduce the number of investment banking clients.
Big banks around Europe have been making similar cuts to jobs and bonuses as they battle against slower than expected economic growth, expensive regulation, and a seemingly never ending flow of fines.
Read more: Italian bank UniCredit to cut 18,200 jobs
Deutsche Bank posted a loss of £4.4bn loss in its third quarter of this year, blamed on the sale of its retail banking division Postbank; ongoing fines and litigation costs, as well as a huge write down in its stake in Chinese bank Hua Xia.