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Friday, 28 June, 2002, 05:33 GMT 06:33 UK
Deutsche Bank to lay off 3,800 staff
Deutsche Bank twin towers
The latest cuts bring the total layoffs to 13,000
Germany's largest bank, Deutsche Bank, has announced plans to cut 3,770 jobs.

The reduction, which comes in addition to 9,200 previously announced job cuts, is part of the bank's push to slash costs in order to save 2bn euros (1.29bn; $1.97bn) a year.

Just over half the jobs will be lost in the bank's Corporate and Investment Bank division over the next 12 months with the rest being cut from its Private Client and Asset Management division as well as in infrastructure areas, the bank said.

The corporate and investment banking job cuts will come across the world. Just over half of them will come in the Americas, 315 in the UK, 320 in the rest of Europe and 310 in the Asia-Pacific region.

Most of the money management jobs will be lost in Germany and elsewhere in Europe.

Return to profits

Deutsche Bank said it would take a restructuring charge of about 265m euros later this year.

Following the latest round of cuts, Deutsche will have cut almost 13,000 from its 97,000 strong workforce.

The bank set out to restructure after its net profits were almost wiped out in 2001 when they fell from 13.5bn euros the previous year to just 167m euros.

The bank's financial performance is already improving. During the first three months of 2002, its net profits rose to 597 million euros.

Deutsche's shares rose 4.3% on Thursday.

See also:

25 Jun 02 | Business
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