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Deutsche Bank to axe another 1,000 jobs

Published 06/10/2016

Deutsche Bank announced 3,000 job losses in June
Deutsche Bank announced 3,000 job losses in June

Deutsche Bank is to slash another 1,000 jobs as the troubled German lender grapples with a painful restructuring and faces up to a hefty fine from US authorities.

The cuts come after the bank axed 3,000 roles in June, with the company saying its macroeconomic research, asset management and corporate finance departments in Germany will see culls.

Karl von Rohr, member of Deutsche's management board, said: "We consistently implement our strategy to make the bank more efficient.

"We are fully aware that today's decision is a difficult change with significant personal impact for many employees. We will ensure that any staff reductions are carried out in a socially responsible manner."

The cuts come at a sensitive time for the bank, with its share price taking a hammering on news that it could be forced to fork out 14 billion US dollars (£10.5 billion) as part of a US Department of Justice settlement.

Last week reports emerged that the settlement, linked to the sale of mortgage-backed securities during the financial crisis, could be reduced to 5.4 billion US dollars (£4.1 billion), providing some relief to Deutsche's stock.

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