Hundreds of staff in London are expected to be affected as Germany’s biggest lender moves to return to profitability.

08:43, UK,
Thursday 24 May 2018.

Deutsche Bank

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Deutsche Bank employs more than 8,000 staff in London

By James Sillars, business reporter

Struggling Deutsche Bank says it is to cut more than 7,000 jobs, in a move that will see staff numbers in London scaled back.

Germany’s biggest lender, which is battling a shareholder backlash at its AGM in Frankfurt today following three years of financial losses, said the job reductions were part of accelerated cost-saving measures across the group.

It is understood hundreds of positions will be affected in its UK operation.

The bank employs roughly 8,500 staff in London. The news is a new blow to the City, which is also facing the prospect of a Brexit-linked loss of work to other major European cities because of EU access concerns.

A significant part of Deutsche’s Equities Sales & Trading business is based in the capital of London.

 

 

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