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Deutsche Bank to cut another 1,000 jobs in Germany


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Deutsche Bank to cut another 1,000 jobs in Germany

Deutsche BankAG will cut another 1,000 jobs in Germany in addition to the3,000 layoffs alreadyagreed upon in the first round of negotiations with employee representatives inJune.

The total of about 4,000 layoffs in Germany is part ofDeutsche Bank's Strategy 2020 to cut 9,000 jobs globally.

While the first round of job cuts affected mainly employeesin the private and commercial banking business in Germany, the latest roundscovered about 450 positions in Deutsche Bank's chief operating office. Theremaining layoffs affected the asset management division and other businessareas, such as global markets and corporate finance.

The lender promised to carry out the job cuts in a sociallyresponsible manner.