Deutsche Bank set to slash more than 7,000 jobs
Deutsche Bank, which has a major operation in Birmingham, says it will cut around 7,000 staff worldwide in a major shake-up as it struggles to return to profit.
The bank employs most of its 8,500 UK staff in London which is likely to face the brunt of a 25 per cent staff cut in Deutsche's equities sales and trading business.
The Birmingham operation, at offices in Brindleyplace, employs around 1,500 people but most work in 'back-office' administrative roles and are more likely to escape the axe,
Germany's biggest lender is likely to be under fire from its shareholders at its AGM in Frankfurt today after three years of losses
It said the job reductions were part of accelerated cost-cutting across the group which will see its total workforce cut from 97,000 to "well below 90,000".
