Deutsche Bank to cut London, New York payrolls

20th January 2005, Comments 0 comments

20 January 2005, FRANKFURT - Deutsche Bank has started to slash payrolls in its investment banking units in London and New York, with initial aims to cut some 2,000 jobs, the daily Frankfurter Allgemeine Zeitung reported on Thursday. The report, citing banking industry sources, said the cuts come amid the bank's plans to slash between 4,000 and 6,000 positions in its global investment banking operations, a figure which includes the nearly 2,000 job reductions already announced in Germany. Deutsche Bank is

20 January 2005

FRANKFURT - Deutsche Bank has started to slash payrolls in its investment banking units in London and New York, with initial aims to cut some 2,000 jobs, the daily Frankfurter Allgemeine Zeitung reported on Thursday.

The report, citing banking industry sources, said the cuts come amid the bank's plans to slash between 4,000 and 6,000 positions in its global investment banking operations, a figure which includes the nearly 2,000 job reductions already announced in Germany.

Deutsche Bank is expected to provide further insight into its payroll cut plans when it presents its 2004 business figures on 3 February, the report said.

Last week, Germany's largest bank had announced it was setting aside some EUR 500 million to cover costs of severance settlements and other personnel policy decisions.

The reductions in London and New York come amid restructuring inside the bank in which lending and equity business operations are being merged, creating numerous payroll redundancies, the FAZ newspaper report said.

Deutsche Bank chairman Josef Ackermann has announced rigorous cost-cutting at the bank in order to achieve its target in 2005 of a 25 percent return on equity.

DPA

Subject: German news

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