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1,900 jobs to go at Deutsche Bank

1,900 jobs are set to go at Deutsche Bank, in an attempt to reduce costs incurred by the economic downturn.

The German-owned company hopes to save £2.4 billion though a general overhaul of its investment banking arm. It is believed that most of the job losses will be outside of Germany.

Alongside staff cuts, the bank also plans to review pay and compensation deals for staff.

Earnings in Q2 fell by 63% to 375 million euros, from 969 million euros in 2011.

Deutsche’s co-chairmen Jürgen Fitschen and Anshu Jain said in a joint statement: “The European sovereign debt crisis continues to weigh on investor confidence and client activity across the bank.”

Up until April this year, Deutsche had insisted that no job cuts would need to be made.

Deutsche shares rose 2.3 % to 25.42 euros in late trade in Frankfurt.

This was posted in Bdaily's Members' News section by Ruth Mitchell .