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FRANKFURT, Jan 16 (Reuters) - Deutsche Bank (DBKGn.DE: Quote, Profile, Research) will
cut up to 300 jobs worldwide in investment banking, or 2
percent of its workforce in that unit, and will use savings to
focus on faster growing businesses, a spokesman for the bank
said on Wednesday.
The German bank is the latest financial services company to
lay off employees as the widening credit crisis cuts into
expected earnings, though Deutsche Bank’s cuts are small
compared to other financial insitutions.
Citigroup Inc (C.N: Quote, Profile, Research) said on Tuesday it was cutting 4,200
positions, on top of 17,000 cuts announced in April, while
mortgage lender Countrywide Financial Corp (CFC.N: Quote, Profile, Research) has cut
11,000 jobs since the end of July.
Deutsche Bank Chief Executive Josef Ackermann warned on
Monday that more write-downs were possible in the global
banking sector if the liquidity and credit crisis continues.
In October, the bank recorded 2.2 billion euros ($3.22
billion) of write-downs.
Banking sources said most of the job cuts would be in
London and New York. About 13,000 people work in Deutsche
Bank’s investment banking.
The Handeslblatt business daily, citing industry sources,
had reported that the bank would fire at least 270 staff in its
Global Markets division as a result of an ongoing crisis in
financial markets.
(Reporting by Philip Halstrick; Additional reporting by Dan
Wilchins in New York; Editing by Toni Reinhold)
