|Page (1) of 1 - 07/31/12||email article||print page|
Deutsche Bank to cut 1,900 jobs as part of cost-cutting drive
FRANKFURT, Germany (AP) Deutsche Bank says it plans to cut about 1,900 jobs, most of them outside Germany, as part of a cost-cutting drive.
The bank said Tuesday that about 1,500 of the jobs will be cut in its corporate banking and securities divisions and in related infrastructure areas.
It says the headcount reduction will contribute some 350 million to an overall target of 3 billion ($3.8 billion) in savings.
The announcement came after the bank said its earnings fell 46 percent in the second quarter as the eurozone debt crisis hurt investment banking activity and revenue from trading securities.