Deutsche Bank said Tuesday it plans to cut about 1,900 jobs, most of them outside Germany, as its earnings fell 46 per cent in the second quarter as the European debt crisis hurt its investment banking and trading activities.
The bank, which employs nearly 101,000 people, said about 1,500 of the job cuts will be in its corporate banking and securities divisions and in related infrastructure areas. The headcount reduction will contribute some €350 million to an overall target of €3 billion ($3.8 billion) in savings.
Shares in the bank, which had been lower after the earnings report, jumped on the news of the jobs cuts and estimated savings. They were up 3.2 per cent at €25.58 by early afternoon in Frankfurt…
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Posted by Read Full Article | August 1, 2012, 12:38 pm