Deutsche Bank slashes jobs

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Deutsche Bank slashes jobs

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Job losses have been announced at Deutsche Bank as its second-quarter profit plunged.

The investment banking division – which has for years been one of the main performers at the Frankfurt-based lender – saw pre-tax profit drop 63 percent to 357 million euros.

Co-chief executives Anshu Jain and Juergen Fitschen said that as part of moves to cut costs by three billion euros, 1,900 jobs will go – the majority of those are in the investment banking part of the company.

Jain and Fitschen blamed the eurozone debt crisis for undermining investor confidence and client activity and said the weak euro had inflated costs in its dollar and sterling operations.