Hundreds of staff in London are expected to be affected as Germany’s biggest lender moves to return to profitability.
Thursday 24 May 2018.
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.