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Deutsche Bank axes 1,900 jobs in $4.6 billion cost-cutting drive

Published on Jul 31, 2012 8:55 PM
The two towers of the headquarters of German bank Deutsche Bank are seen in Frankfurt/M., western Germany, on April 7, 2011. Deutsche Bank, Germany's biggest lender, said on July 31, 2012 that its bottom-line profit was slashed nearly in half by the eurozone debt crisis in the second quarter. -- PHOTO: AFP

FRANKFURT (AFP) - Deutsche Bank, Germany's biggest lender, said on Tuesday it planned to slash 1,900 jobs, mainly outside Germany, as part of a 3.0-billion-euro (S$4.6-billion) cost-cutting programme.

In view of the current difficult environment, where the long-running debt crisis cut Deutsche Bank's profit nearly in half in the second quarter, the group said it would "reduce headcount predominantly outside of Germany by approximately 1,900 positions." Of those, 1,500 would be axed in the bank's corporate banking and securities division, it said in a statement.

"These measures are expected to contribute savings of approximately 350 million of an overall target of 3.0 billion euros," the statement said.

The news sent Deutsche Bank shares soaring on the Frankfurt stock exchange, where they were showing a gain of 2.39 per cent at 25.44 euros in a slightly firmer market.

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